Cal-Maine Foods (CALM) 10-Q 30 Mar 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Feb. 29, 2020	Mar. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2020
Document Transition Report	false
Entity File Number	000-38695
Entity Registrant Name	CAL-MAINE FOODS, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	64-0500378
Local Phone Number	948-6813
City Area Code	601
Entity Address, Postal Zip Code	39209
Entity Address, State or Province	MS
Entity Address, City or Town	Jackson
Entity Address, Address Line One	3320 Woodrow Wilson Avenue
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CALM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--05-30
Amendment Flag	false
Entity Central Index Key	0000016160
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,973,764
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Feb. 29, 2020	Jun. 01, 2019
Current assets:
Cash and cash equivalents	$ 67,753	$ 69,247
Investment securities available-for-sale	80,863	250,181
Trade and other receivables, net	100,962	71,760
Inventories	191,421	172,237
Prepaid expenses and other current assets	4,371	4,328
Total current assets	445,370	567,753
Property, plant & equipment, net	542,996	455,347
Finance lease right-of-use asset, net	717	947
Operating lease right-of-use asset, net	2,726
Investments in unconsolidated entities	61,981	67,554
Goodwill	35,525	35,525
Intangible assets, net	23,576	23,762
Other long-term assets	4,138	5,390
TOTAL ASSETS	1,117,029	1,156,278
Current liabilities:
Accounts payable and accrued expenses	88,658	73,211
Current maturities of long-term debt	0	1,500
Current portion of finance lease obligation	203	196
Current portion of operating lease obligation	799
Total current liabilities	89,660	74,907
Long-term finance lease obligation	705	858
Long-term operating lease obligation	1,927
Other noncurrent liabilities	7,724	8,110
Deferred income taxes	68,981	82,597
Total liabilities	168,997	166,472
Commitments and contingencies - see Note 12
Stockholders’ equity:
Paid-in capital	59,435	56,857
Retained earnings	914,234	954,527
Accumulated other comprehensive income (loss),net of tax	(298)	355
Common stock in treasury at cost	(26,674)	(25,866)
Total Cal-Maine Foods, Inc. stockholders’ equity	947,448	986,624
Noncontrolling interest in consolidated entities	584	3,182
Total stockholders’ equity	948,032	989,806
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,117,029	1,156,278
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	Feb. 29, 2020	Nov. 30, 2019	Jun. 01, 2019
Allowance for doubtful accounts	$ 825		$ 206
Common stock, shares outstanding (in shares)	48,774,000
Treasury stock, shares (in shares)	26,287,000	26,366,000
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)	43,974,000		43,895,000
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	4,800,000		4,800,000
Common stock, shares issued (in shares)	4,800,000		4,800,000
Common stock, shares outstanding (in shares)	4,800,000		4,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019	Feb. 29, 2020	Mar. 02, 2019
Income Statement [Abstract]
Net sales	$ 345,588	$ 383,992	$ 898,276	$ 1,080,616
Cost of sales	295,760	301,551	840,198	870,511
Gross profit	49,828	82,441	58,078	210,105
Selling, general and administrative	44,231	45,009	132,434	134,750
(Gain) loss on disposal of fixed assets	385	(758)	467	(847)
Operating income (loss)	5,212	38,190	(74,823)	76,202
Other income (expense):
Interest income, net	803	1,986	3,628	5,459
Royalty income	414	565	1,173	1,784
Patronage dividends	10,096	10,482	10,096	10,482
Equity in income of unconsolidated entities	1,445	2,111	537	4,449
Other, net	79	147	1,897	372
Total other income, net	12,837	15,291	17,331	22,546
Income (loss) before income taxes and noncontrolling interest	18,049	53,481	(57,492)	98,748
Income tax (benefit) expense	4,278	13,616	(15,356)	24,134
Net income (loss) before noncontrolling interest	13,771	39,865	(42,136)	74,614
Less: Income (loss) attributable to noncontrolling interest	22	88	(64)	625
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 13,749	$ 39,777	$ (42,072)	$ 73,989
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.:
Basic (in dollars per share)	$ 0.28	$ 0.82	$ (0.87)	$ 1.53
Diluted (in dollars per share)	$ 0.28	$ 0.82	$ (0.87)	$ 1.52
Weighted average shares outstanding:
Basic (in shares)	48,473	48,417	48,455	48,416
Diluted (in shares)	48,588	48,533	48,455	48,545

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019	Feb. 29, 2020	Mar. 02, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss), including noncontrolling interests	$ 13,771	$ 39,865	$ (42,136)	$ 74,614
Other comprehensive income (loss), before tax:
Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments	(38)	1,217	(863)	967
Income tax (benefit) expense related to items of other comprehensive income	9	(296)	210	(235)
Other comprehensive income (loss), net of  tax	(29)	921	(653)	732
Comprehensive income (loss)	13,742	40,786	(42,789)	75,346
Less: comprehensive income (loss) attributable to the noncontrolling interest	22	88	(64)	625
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc.	$ 13,720	$ 40,698	$ (42,725)	$ 74,721

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019
Operating activities:
Net income (loss), including noncontrolling interests	$ (42,136)	$ 74,614
Depreciation and amortization	42,911	40,857
Impairment loss on property, plant & equipment	2,919	0
Other adjustments, net	(40,148)	(20,863)
Net cash provided by (used in) operations	(36,454)	94,608
Investing activities:
Purchases of investment securities	(12,100)	(122,191)
Sales and maturities of investment securities	181,533	160,190
Investment in unconsolidated entities	0	(4,272)
Distributions from unconsolidated entities	6,114	6,545
Acquisition of business	(44,515)	(17,889)
Purchases of property, plant and equipment	(94,600)	(36,841)
Net proceeds from disposal of property, plant and equipment	1,839	1,212
Net cash provided by (used in) investing activities	38,271	(13,246)
Financing activities:
Purchase of common stock by treasury	(910)	(985)
Distributions to noncontrolling interests	(755)	0
Principal payments on long-term debt	(1,500)	(2,969)
Principal payments on finance lease	(146)	0
Payment of dividends	0	(28,469)
Net cash used in financing activities	(3,311)	(32,423)
Net change in cash and cash equivalents	(1,494)	48,939
Cash and cash equivalents at beginning of period	69,247	48,431
Cash and cash equivalents at end of period	67,753	97,370
Supplemental Information:
Cash paid for operating leases	635
Interest paid	$ 77	$ 115

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of Cal-Maine Foods, Inc. and its subsidiaries (the "Company," "we," "us," "our") have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Therefore, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States of America for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended June 1, 2019. These statements reflect all adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and, in the opinion of management, consist of adjustments of a normal recurring nature. Operating results for the interim periods are not necessarily indicative of operating results for the entire fiscal year. Fiscal Year The Company's fiscal year-end is on the Saturday nearest May 31. Each of the three-month periods and year-to-date periods ended on February 29, 2020 and March 2, 2019 included 13 and 39 weeks, respectively. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Leases The Company determines if an arrangement is a lease at inception of the arrangement and classifies it as an operating lease or finance lease. We recognize the right to use an underlying asset for the lease term as a right-of-use (ROU) asset on our balance sheet. A lease liability is recorded to represent our obligation to make lease payments over the term of the lease. These assets and liabilities are included in our Condensed Consolidated Balance Sheet in Finance lease right-of-use asset, Operating lease right-of-use asset, Current portion of finance lease obligation, Current portion of operating lease obligation, Long-term finance lease obligation, and Long-term operating lease obligation. The Company records ROU assets and lease obligations based on the discounted future minimum lease payments over the term of the lease. When the rate implicit in the lease is not easily determinable, the Company’s incremental borrowing rate is used to calculate the present value of the future lease payments. The Company elected not to recognize ROU assets and lease obligations for leases with an initial term of 12 months or less. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Nature of Leases The company leases certain office spaces, trucks, processing machines, and equipment to support our operations under cancelable and non-cancelable contracts. Corporate and Field Offices We lease office space for administrative employees at some of our farms. These contracts are typically structured with initial non-cancelable terms of three to ten years. To the extent our corporate and field office contracts include renewal options, we evaluate whether we are reasonably certain to exercise those options on a contract by contract basis based on expected future office space needs. Trucks We assumed several non-cancelable operating leases for trucks from a prior acquisition. The initial terms on these leases ranged from five to seven years. We do not intend to exercise renewal options beyond the initial term. Processing machines and other equipment We lease a processing machine through a finance lease arrangement assumed in an acquisition. The lease contains a purchase option at the end of the term that we intend to exercise. The company leases various pieces of equipment such as forklifts, pallet jacks, and other items in support of operations. These leases are cancelable and non-cancelable with remaining terms ranging from one month to five years. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases. The purpose of the standard is to improve transparency and comparability related to the accounting and reporting of leasing arrangements. The new standard establishes a ROU model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The effective date for the new standard, for the Company, was June 2, 2019 and the Company adopted the new standard on that date. The Company elected a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either its effective date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We used June 2, 2019 as the date of initial application. If an entity chooses the second option, the transition requirements for existing leases apply to leases entered into between the date of initial application and the effective date. The entity must recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. Because the Company chose the first option, the Company has not recast its comparative period financial statements. In connection with adopting the new standard, the Company reclassified its presentation of finance lease obligations and property in the financial statements for all periods presented. The new standard provides a number of optional practical expedients in transition. The Company elected practical expedients which permit us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard provides practical expedients for an entity’s initial and ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. For the leases that qualify, we do not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all of our leases. Implementation of the new standard did not have a material effect on our financial statements. See Note 6 for additional information. Reclassification Certain reclassifications were made to the fiscal 2019 financial statements to conform to the fiscal 2020 financial statement presentation. These reclassifications had no effect on income.

Acquisition

Acquisition	9 Months Ended
	Feb. 29, 2020
Business Combinations [Abstract]
Acquisition	Acquisition Effective on October 20, 2019, the Company acquired certain assets of Mahard Egg Farm (Mahard), relating to its commercial shell egg production, processing, distribution and sales for $45.5 million, including a potential post-closing payment of $1 million. The acquired assets include facilities with current capacity for approximately 3.9 million laying hens and permitted capacity for up to 8.0 million laying hens, a feed mill, pullet raising facilities and related production facilities located in Chillicothe, Texas, and Nebo, Oklahoma, and a distribution warehouse located in Gordonville, Texas. Mahard owned equity interests in the Company's majority owned subsidiary, Texas Egg Products, LLC (TEP). As a result of the acquisition, the Company now owns 93.2% of TEP. The acquired operations of Mahard are included in the accompanying financial statements as of October 20, 2019. Acquisition related costs incurred during the period were immaterial to the financial statements. Pending the finalization of the Company's valuation, the following table summarizes the preliminary aggregate purchase price allocation for Mahard (in thousands): Inventory $ 5,276 Property, plant and equipment 38,433 Customer list and non-compete agreement 2,000 Liabilities assumed (194) Total purchase price 45,515 Deferred purchase price (1,000) Cash consideration paid at closing $ 44,515

Inventories

Inventories	9 Months Ended
	Feb. 29, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): February 29, 2020 June 1, 2019 Flocks, net of amortization $ 111,275 $ 105,536 Eggs and egg products 18,117 14,318 Feed and supplies 62,029 52,383 $ 191,421 $ 172,237

Investment Securities

Investment Securities	9 Months Ended
	Feb. 29, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The following represents the Company’s investment securities as of February 29, 2020 and June 1, 2019 (in thousands): February 29, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 18,862 $ 134 $ — $ 18,996 Corporate bonds 59,329 329 — 59,658 Certificates of deposits 1,003 — 2 1,001 Asset backed securities 1,196 12 — 1,208 Total current investment securities $ 80,390 $ 475 $ 2 $ 80,863 Mutual funds $ 1,994 $ 661 $ — $ 2,655 Total noncurrent investment securities $ 1,994 $ 661 $ — $ 2,655 June 1, 2019 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 30,896 $ 78 $ — $ 30,974 Municipal bonds 50,220 133 — 50,353 Commercial paper 9,953 — 8 9,945 Corporate bonds 147,068 94 — 147,162 Certificates of deposits 6,149 — 1 6,148 Asset backed securities 5,589 10 — 5,599 Total current investment securities $ 249,875 $ 315 $ 9 $ 250,181 Mutual funds $ 2,331 $ 1,026 $ — $ 3,357 Total noncurrent investment securities $ 2,331 $ 1,026 $ — $ 3,357 Available-for-sale Proceeds from sales and maturities of investment securities available-for-sale were $181.5 million and $160.2 million during the thirty-nine weeks ended February 29, 2020 and March 2, 2019, respectively. Gross realized gains for the thirty-nine weeks ended February 29, 2020 and March 2, 2019 were $246,000 and $7,000, respectively. Gross realized losses for the thirty-nine weeks ended February 29, 2020 and March 2, 2019 were $7,000 and $35,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without penalties. Contractual maturities of current investments at February 29, 2020, are as follows (in thousands): Estimated Fair Value Within one year $ 67,854 1-5 years 13,009 Total $ 80,863

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Feb. 29, 2020
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): February 29, 2020 June 1, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities Note payable $ — $ — $ 1,500 $ 1,501 Finance lease obligations 908 823 1,054 940 Total liabilities measured at fair value $ 908 $ 823 $ 2,554 $ 2,441 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 February 29, 2020 and June 1, 2019 (in thousands): ໿ Total February 29, 2020 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 18,996 $ — $ 18,996 Corporate bonds — 59,658 — 59,658 Certificates of deposits — 1,001 — 1,001 Asset backed securities — 1,208 — 1,208 Mutual funds 2,655 — — 2,655 Total assets measured at fair value $ 2,655 $ 80,863 $ — $ 83,518 ໿ June 1, 2019 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ — $ 30,974 $ — $ 30,974 Municipal bonds — 50,353 — 50,353 Commercial paper — 9,945 — 9,945 Corporate bonds — 147,162 — 147,162 Certificates of deposits — 6,148 — 6,148 Asset backed securities — 5,599 — 5,599 Mutual funds 3,357 — — 3,357 Total assets measured at fair value $ 3,357 $ 250,181 $ — $ 253,538 Investment securities – available-for-sale have maturities of three months or longer when purchased, and are classified as current, because they are available for current operations. Observable inputs for these securities are yields, credit risks, default rates, and volatility.

Leases

Leases	9 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Leases	Leases Expenses related to operating leases, amortization of finance lease ROU assets and finance lease interest are included in Cost of sales, Selling general and administrative expense, and Interest income, net in the Condensed Consolidated Statements of Operations. The Company’s lease cost consists of the following (in thousands): 13 Weeks Ended February 29, 2020 39 Weeks Ended February 29, 2020 Operating Lease cost $ 237 $ 635 Finance Lease cost Amortization of right-of-use asset $ 38 $ 115 Interest on lease obligations $ 10 $ 33 Short term lease cost $ 921 $ 2,649 Future minimum lease payments under non-cancelable leases are as follows (in thousands): As of February 29, 2020 Operating Leases Finance Leases Remainder fiscal 2020 $ 235 $ 60 2021 930 239 2022 806 239 2023 919 239 2024 130 219 Thereafter 31 — Total 3,051 996 Less imputed interest (325) (88) Total $ 2,726 $ 908 The weighted-average remaining lease term and discount rate for lease liabilities included in our Condensed Consolidated Balance Sheet are as follows: As of February 29, 2020 Operating Leases Finance Leases Weighted-average remaining lease term (years) 3.7 3.8 Weighted-average discount rate 5.9 % 4.9 %
Leases	Leases Expenses related to operating leases, amortization of finance lease ROU assets and finance lease interest are included in Cost of sales, Selling general and administrative expense, and Interest income, net in the Condensed Consolidated Statements of Operations. The Company’s lease cost consists of the following (in thousands): 13 Weeks Ended February 29, 2020 39 Weeks Ended February 29, 2020 Operating Lease cost $ 237 $ 635 Finance Lease cost Amortization of right-of-use asset $ 38 $ 115 Interest on lease obligations $ 10 $ 33 Short term lease cost $ 921 $ 2,649 Future minimum lease payments under non-cancelable leases are as follows (in thousands): As of February 29, 2020 Operating Leases Finance Leases Remainder fiscal 2020 $ 235 $ 60 2021 930 239 2022 806 239 2023 919 239 2024 130 219 Thereafter 31 — Total 3,051 996 Less imputed interest (325) (88) Total $ 2,726 $ 908 The weighted-average remaining lease term and discount rate for lease liabilities included in our Condensed Consolidated Balance Sheet are as follows: As of February 29, 2020 Operating Leases Finance Leases Weighted-average remaining lease term (years) 3.7 3.8 Weighted-average discount rate 5.9 % 4.9 %

Accrued Dividends Payable And D

Accrued Dividends Payable And Dividends per Common Share	9 Months Ended
	Feb. 29, 2020
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 GAAP 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. At the end of the third quarter of fiscal 2020, the amount of cumulative losses to be recovered before payment of a dividend was $61.9 million. 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 39 Weeks Ended February 29, 2020 March 2, 2019 February 29, 2020 March 2, 2019 Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend $ 13,749 $ 39,777 $ (42,072) $ 73,989 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend $ — $ 13,245 $ — $ 24,626 Common stock outstanding (shares) 43,974 43,895 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,774 48,695 Dividends per common share* $ — $ 0.272 $ — $ 0.506 *Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares).

Equity

Equity	9 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Equity	Equity The following reflects the equity activity, including our noncontrolling interest, for the thirteen weeks ended February 29, 2020 and March 2, 2019 (in thousands): Thirteen Weeks Ended February 29, 2020 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 November 30, 2019 $ 703 $ 48 $ (25,888) $ 58,652 $ (269) $ 900,485 $ 562 $ 934,293 Other comprehensive loss, net of tax — — — — (29) — — (29) Restricted stock grant, net of forfeitures — — 103 (103) — — — — Purchase company stock to satisfy withholding obligations from vesting of restricted stock — — (889) — — — — (889) Restricted stock compensation — — — 886 — — — 886 Net income — — — — — 13,749 22 13,771 Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 ໿ Thirteen Weeks Ended March 2, 2019 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at December 1, 2018 $ 703 $ 48 $ (24,974) $ 55,079 $ (882) $ 947,768 $ 2,886 $ 980,628 Other comprehensive income, net of tax — — — — 921 — — 921 Restricted stock grant, net of forfeitures — — 88 (88) — — — — Purchase company stock to satisfy withholding obligations from vesting of restricted stock — — (979) — — — — (979) Restricted stock compensation — — — 866 — — — 866 Dividends — — — — — (13,258) — (13,258) Net income — — — — — 39,777 88 39,865 Balance at March 2, 2019 $ 703 $ 48 $ (25,865) $ 55,857 $ 39 $ 974,287 $ 2,974 $ 1,008,043 The following reflects the equity activity, including our noncontrolling interest, for the thirty-nine weeks ended February 29, 2020 and March 2, 2019 (in thousands): Thirty-nine Weeks Ended February 29, 2020 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 1, 2019 $ 703 $ 48 $ (25,866) $ 56,857 $ 355 $ 954,527 $ 3,182 $ 989,806 Other comprehensive loss, net of tax — — — — (653) — — (653) Restricted stock grant, net of forfeitures — — 102 (102) — — — — Purchase of company stock to satisfy withholding obligations from vesting of restricted stock — — (910) — — — — (910) Distributions to noncontrolling interest partners — — — — — — (755) (755) Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition, see Note 2 — — — — — 1,779 (1,779) — Restricted stock compensation — — — 2,680 — — — 2,680 Net loss — — — — — (42,072) (64) (42,136) Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 Thirty-nine Weeks Ended March 2, 2019 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at June 2, 2018 $ 703 $ 48 $ (24,966) $ 53,323 $ (693) $ 924,918 $ 2,349 $ 955,682 Other comprehensive income, net of tax — — — — 732 — — 732 Restricted stock grant, net of forfeitures — — 86 (86) — — — — Purchase company stock to satisfy withholding obligations from vesting of restricted stock — — (985) — — — — (985) Restricted stock compensation — — — 2,620 — — — 2,620 Dividends — — — — — (24,620) — (24,620) Net income — — — — — 73,989 625 74,614 Balance at March 2, 2019 $ 703 $ 48 $ (25,865) $ 55,857 $ 39 $ 974,287 $ 2,974 $ 1,008,043

Revenue Recognition

Revenue Recognition	9 Months Ended
	Feb. 29, 2020
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 records 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 39 Weeks Ended February 29, 2020 March 2, 2019 February 29, 2020 March 2, 2019 Non-specialty shell egg sales $ 210,329 $ 234,960 $ 518,898 $ 659,446 Specialty shell egg sales 117,672 131,120 332,092 364,222 Co-pack specialty shell egg sales 7,347 7,052 20,026 20,055 Egg products 9,212 9,520 24,210 32,656 Other 1,028 1,340 3,050 4,237 $ 345,588 $ 383,992 $ 898,276 $ 1,080,616 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.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation Total stock based compensation expense was $2.7 million and $2.6 million for the thirty-nine weeks ended February 29, 2020 and March 2, 2019, respectively. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at February 29, 2020 of $7.2 million will be recorded over a weighted average period of 2.3 years. Refer to Note 10 of our June 1, 2019 audited financial statements for further information on our stock compensation plans. The Company’s restricted share activity for the thirty-nine weeks ended February 29, 2020 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 1, 2019 248,412 $ 43.20 Granted 104,566 38.25 Vested (77,801) 43.00 Forfeited (2,131) 43.20 Outstanding, February 29, 2020 273,046 $ 41.36

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	9 Months Ended
	Feb. 29, 2020
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Basic net loss per share was calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus the dilutive effects of options and restricted stock. Due to the net loss in the thirty-nine weeks ended February 29, 2020, restricted shares were excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive. The computations of basic and diluted net loss per share attributable to the Company are as follows (in thousands, except per share data): 13 Weeks Ended 39 Weeks Ended February 29, 2020 March 2, 2019 February 29, 2020 March 2, 2019 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 13,749 $ 39,777 $ (42,072) $ 73,989 Basic weighted-average common shares 48,473 48,417 48,455 48,416 Effect of dilutive securities: Restricted shares 115 116 — 129 Dilutive potential common shares 48,588 48,533 48,455 48,545 Antidilutive securities excluded from computation of earnings per share — — 121 — Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ 0.28 $ 0.82 $ (0.87) $ 1.53 Diluted $ 0.28 $ 0.82 $ (0.87) $ 1.52

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	Commitments and Contingencies Financial Instruments The Company maintained standby letters of credit (LOC) totaling $4.2 million at February 29, 2020 that were issued under our Revolving Credit Facility. The outstanding LOCs are for the benefit of certain insurance companies, and are not recorded as a liability on the consolidated balance sheets. Egg Antitrust Litigation On September 25, 2008, the Company was named as one of several defendants in numerous antitrust cases involving the United States shell egg industry. The cases were consolidated into In re: Processed Egg Products Antitrust Litigation, No. 2:08-md-02002-GP, in the United States District Court for the Eastern District of Pennsylvania (the “District Court”), in three groups of cases - the “Direct Purchaser Putative Class Action”, the “Indirect Purchaser Putative Class Action” and the “Non-Class Cases.” As previously reported, the Company settled all of the Direct Purchaser Putative Class Action cases and the Indirect Purchaser Putative Class Action cases, and all Non-Class cases except for the claims of certain plaintiffs who sought substantial damages allegedly arising from the purchase of egg products (as opposed to shell eggs). In addition, as previously reported, on October 24, 2019, the Company entered into a confidential settlement agreement with The Kellogg Company dismissing all claims against the Company for an amount that does not have a material impact on the Company’s financial condition or results of operations. On November 11, 2019, a stipulation for dismissal was filed with the court, but the court has not yet entered a judgment on the filing. The remaining plaintiffs are Kraft Food Global, Inc., General Mills, Inc., and Nestle USA, Inc. (“Egg Products Plaintiffs”). The Egg Products Plaintiffs seek treble damages and injunctive relief under the Sherman Act and are attacking certain features of the UEP animal-welfare guidelines and program used by the Company and many other egg producers. On July 2, 2019 the Egg Products Plaintiffs filed a motion to remand, and on September 13, 2019 the case was remanded to the United States District Court for the Northern District of Illinois, Kraft Foods Global, Inc. et al v. United Egg Producers, Inc. et al, No. 1:11-cv-08808 (DP), where it was initially filed, for trial. The Illinois court has not issued a case management order or any other directive. The Company intends to continue to defend the remaining case as vigorously as possible based on defenses which the Company believes are meritorious and provable. While management believes that the likelihood of a material adverse outcome in the overall egg antitrust litigation has been significantly reduced as a result of the settlements and rulings described above, there is still a reasonable possibility of a material adverse outcome in the remaining egg antitrust litigation. At the present time, however, it is not possible to estimate the amount of monetary exposure, if any, to the Company because of this remaining case. Adjustments, if any, which might result from the resolution of these remaining legal matters, have not been reflected in the financial statements. Other Matters In addition to the above, the Company is involved in various other claims and litigation incidental to its business. Although the outcome of these matters cannot be determined with certainty, management, upon the advice of counsel, is of the opinion that the final outcome should not have a material effect on the Company’s consolidated results of operations or financial position.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of Cal-Maine Foods, Inc. and its subsidiaries (the "Company," "we," "us," "our") have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Therefore, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States of America for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended June 1, 2019. These statements reflect all adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and, in the opinion of management, consist of adjustments of a normal recurring nature. Operating results for the interim periods are not necessarily indicative of operating results for the entire fiscal year.
Fiscal Year	Fiscal Year The Company's fiscal year-end is on the Saturday nearest May 31. Each of the three-month periods and year-to-date periods ended on February 29, 2020 and March 2, 2019 included 13 and 39 weeks, respectively.
Use of Estimates	Use of EstimatesThe preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Leases	Leases The Company determines if an arrangement is a lease at inception of the arrangement and classifies it as an operating lease or finance lease. We recognize the right to use an underlying asset for the lease term as a right-of-use (ROU) asset on our balance sheet. A lease liability is recorded to represent our obligation to make lease payments over the term of the lease. These assets and liabilities are included in our Condensed Consolidated Balance Sheet in Finance lease right-of-use asset, Operating lease right-of-use asset, Current portion of finance lease obligation, Current portion of operating lease obligation, Long-term finance lease obligation, and Long-term operating lease obligation. The Company records ROU assets and lease obligations based on the discounted future minimum lease payments over the term of the lease. When the rate implicit in the lease is not easily determinable, the Company’s incremental borrowing rate is used to calculate the present value of the future lease payments. The Company elected not to recognize ROU assets and lease obligations for leases with an initial term of 12 months or less. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Nature of Leases The company leases certain office spaces, trucks, processing machines, and equipment to support our operations under cancelable and non-cancelable contracts. Corporate and Field Offices We lease office space for administrative employees at some of our farms. These contracts are typically structured with initial non-cancelable terms of three to ten years. To the extent our corporate and field office contracts include renewal options, we evaluate whether we are reasonably certain to exercise those options on a contract by contract basis based on expected future office space needs. Trucks We assumed several non-cancelable operating leases for trucks from a prior acquisition. The initial terms on these leases ranged from five to seven years. We do not intend to exercise renewal options beyond the initial term. Processing machines and other equipment We lease a processing machine through a finance lease arrangement assumed in an acquisition. The lease contains a purchase option at the end of the term that we intend to exercise. The company leases various pieces of equipment such as forklifts, pallet jacks, and other items in support of operations. These leases are cancelable and non-cancelable with remaining terms ranging from one month to five years.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases. The purpose of the standard is to improve transparency and comparability related to the accounting and reporting of leasing arrangements. The new standard establishes a ROU model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The effective date for the new standard, for the Company, was June 2, 2019 and the Company adopted the new standard on that date. The Company elected a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either its effective date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We used June 2, 2019 as the date of initial application. If an entity chooses the second option, the transition requirements for existing leases apply to leases entered into between the date of initial application and the effective date. The entity must recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. Because the Company chose the first option, the Company has not recast its comparative period financial statements. In connection with adopting the new standard, the Company reclassified its presentation of finance lease obligations and property in the financial statements for all periods presented. The new standard provides a number of optional practical expedients in transition. The Company elected practical expedients which permit us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard provides practical expedients for an entity’s initial and ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. For the leases that qualify, we do not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all of our leases. Implementation of the new standard did not have a material effect on our financial statements. See Note 6 for additional information.
Reclassification	Reclassification Certain reclassifications were made to the fiscal 2019 financial statements to conform to the fiscal 2020 financial statement presentation. These reclassifications had no effect on income.

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Feb. 29, 2020
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	he following table summarizes the preliminary aggregate purchase price allocation for Mahard (in thousands): Inventory $ 5,276 Property, plant and equipment 38,433 Customer list and non-compete agreement 2,000 Liabilities assumed (194) Total purchase price 45,515 Deferred purchase price (1,000) Cash consideration paid at closing $ 44,515

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Feb. 29, 2020
Inventory Disclosure [Abstract]
Schedule Of Inventories	Inventories consisted of the following (in thousands): February 29, 2020 June 1, 2019 Flocks, net of amortization $ 111,275 $ 105,536 Eggs and egg products 18,117 14,318 Feed and supplies 62,029 52,383 $ 191,421 $ 172,237

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Feb. 29, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule Of Investment Securities	The following represents the Company’s investment securities as of February 29, 2020 and June 1, 2019 (in thousands): February 29, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 18,862 $ 134 $ — $ 18,996 Corporate bonds 59,329 329 — 59,658 Certificates of deposits 1,003 — 2 1,001 Asset backed securities 1,196 12 — 1,208 Total current investment securities $ 80,390 $ 475 $ 2 $ 80,863 Mutual funds $ 1,994 $ 661 $ — $ 2,655 Total noncurrent investment securities $ 1,994 $ 661 $ — $ 2,655 June 1, 2019 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 30,896 $ 78 $ — $ 30,974 Municipal bonds 50,220 133 — 50,353 Commercial paper 9,953 — 8 9,945 Corporate bonds 147,068 94 — 147,162 Certificates of deposits 6,149 — 1 6,148 Asset backed securities 5,589 10 — 5,599 Total current investment securities $ 249,875 $ 315 $ 9 $ 250,181 Mutual funds $ 2,331 $ 1,026 $ — $ 3,357 Total noncurrent investment securities $ 2,331 $ 1,026 $ — $ 3,357
Schedule Of Contractual Maturities Of Investment Securities	Contractual maturities of current investments at February 29, 2020, are as follows (in thousands): Estimated Fair Value Within one year $ 67,854 1-5 years 13,009 Total $ 80,863

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Feb. 29, 2020
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): February 29, 2020 June 1, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities Note payable $ — $ — $ 1,500 $ 1,501 Finance lease obligations 908 823 1,054 940 Total liabilities measured at fair value $ 908 $ 823 $ 2,554 $ 2,441
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 February 29, 2020 and June 1, 2019 (in thousands): ໿ Total February 29, 2020 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 18,996 $ — $ 18,996 Corporate bonds — 59,658 — 59,658 Certificates of deposits — 1,001 — 1,001 Asset backed securities — 1,208 — 1,208 Mutual funds 2,655 — — 2,655 Total assets measured at fair value $ 2,655 $ 80,863 $ — $ 83,518 ໿ June 1, 2019 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ — $ 30,974 $ — $ 30,974 Municipal bonds — 50,353 — 50,353 Commercial paper — 9,945 — 9,945 Corporate bonds — 147,162 — 147,162 Certificates of deposits — 6,148 — 6,148 Asset backed securities — 5,599 — 5,599 Mutual funds 3,357 — — 3,357 Total assets measured at fair value $ 3,357 $ 250,181 $ — $ 253,538

Leases (Tables)

Leases (Tables)	9 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Schedule of Lease Cost and Weighted Average Information	The Company’s lease cost consists of the following (in thousands): 13 Weeks Ended February 29, 2020 39 Weeks Ended February 29, 2020 Operating Lease cost $ 237 $ 635 Finance Lease cost Amortization of right-of-use asset $ 38 $ 115 Interest on lease obligations $ 10 $ 33 Short term lease cost $ 921 $ 2,649 The weighted-average remaining lease term and discount rate for lease liabilities included in our Condensed Consolidated Balance Sheet are as follows: As of February 29, 2020 Operating Leases Finance Leases Weighted-average remaining lease term (years) 3.7 3.8 Weighted-average discount rate 5.9 % 4.9 %
Schedule of Future Minimum Lease Payments, Operating	Future minimum lease payments under non-cancelable leases are as follows (in thousands): As of February 29, 2020 Operating Leases Finance Leases Remainder fiscal 2020 $ 235 $ 60 2021 930 239 2022 806 239 2023 919 239 2024 130 219 Thereafter 31 — Total 3,051 996 Less imputed interest (325) (88) Total $ 2,726 $ 908
Schedule of Future Minimum Lease Payments, Finance	Future minimum lease payments under non-cancelable leases are as follows (in thousands): As of February 29, 2020 Operating Leases Finance Leases Remainder fiscal 2020 $ 235 $ 60 2021 930 239 2022 806 239 2023 919 239 2024 130 219 Thereafter 31 — Total 3,051 996 Less imputed interest (325) (88) Total $ 2,726 $ 908

Accrued Dividends Payable And_2

Accrued Dividends Payable And Dividends per Common Share (Tables)	9 Months Ended
	Feb. 29, 2020
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 39 Weeks Ended February 29, 2020 March 2, 2019 February 29, 2020 March 2, 2019 Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend $ 13,749 $ 39,777 $ (42,072) $ 73,989 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend $ — $ 13,245 $ — $ 24,626 Common stock outstanding (shares) 43,974 43,895 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,774 48,695 Dividends per common share* $ — $ 0.272 $ — $ 0.506 *Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares).

Equity (Tables)

Equity (Tables)	9 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Schedule Of Statement Of Stockholders' Equity Activities, Including Noncontrolling Interest	The following reflects the equity activity, including our noncontrolling interest, for the thirteen weeks ended February 29, 2020 and March 2, 2019 (in thousands): Thirteen Weeks Ended February 29, 2020 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 November 30, 2019 $ 703 $ 48 $ (25,888) $ 58,652 $ (269) $ 900,485 $ 562 $ 934,293 Other comprehensive loss, net of tax — — — — (29) — — (29) Restricted stock grant, net of forfeitures — — 103 (103) — — — — Purchase company stock to satisfy withholding obligations from vesting of restricted stock — — (889) — — — — (889) Restricted stock compensation — — — 886 — — — 886 Net income — — — — — 13,749 22 13,771 Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 ໿ Thirteen Weeks Ended March 2, 2019 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at December 1, 2018 $ 703 $ 48 $ (24,974) $ 55,079 $ (882) $ 947,768 $ 2,886 $ 980,628 Other comprehensive income, net of tax — — — — 921 — — 921 Restricted stock grant, net of forfeitures — — 88 (88) — — — — Purchase company stock to satisfy withholding obligations from vesting of restricted stock — — (979) — — — — (979) Restricted stock compensation — — — 866 — — — 866 Dividends — — — — — (13,258) — (13,258) Net income — — — — — 39,777 88 39,865 Balance at March 2, 2019 $ 703 $ 48 $ (25,865) $ 55,857 $ 39 $ 974,287 $ 2,974 $ 1,008,043 The following reflects the equity activity, including our noncontrolling interest, for the thirty-nine weeks ended February 29, 2020 and March 2, 2019 (in thousands): Thirty-nine Weeks Ended February 29, 2020 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 1, 2019 $ 703 $ 48 $ (25,866) $ 56,857 $ 355 $ 954,527 $ 3,182 $ 989,806 Other comprehensive loss, net of tax — — — — (653) — — (653) Restricted stock grant, net of forfeitures — — 102 (102) — — — — Purchase of company stock to satisfy withholding obligations from vesting of restricted stock — — (910) — — — — (910) Distributions to noncontrolling interest partners — — — — — — (755) (755) Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition, see Note 2 — — — — — 1,779 (1,779) — Restricted stock compensation — — — 2,680 — — — 2,680 Net loss — — — — — (42,072) (64) (42,136) Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 Thirty-nine Weeks Ended March 2, 2019 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at June 2, 2018 $ 703 $ 48 $ (24,966) $ 53,323 $ (693) $ 924,918 $ 2,349 $ 955,682 Other comprehensive income, net of tax — — — — 732 — — 732 Restricted stock grant, net of forfeitures — — 86 (86) — — — — Purchase company stock to satisfy withholding obligations from vesting of restricted stock — — (985) — — — — (985) Restricted stock compensation — — — 2,620 — — — 2,620 Dividends — — — — — (24,620) — (24,620) Net income — — — — — 73,989 625 74,614 Balance at March 2, 2019 $ 703 $ 48 $ (25,865) $ 55,857 $ 39 $ 974,287 $ 2,974 $ 1,008,043

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Feb. 29, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides revenue disaggregated by product category (in thousands): 13 Weeks Ended 39 Weeks Ended February 29, 2020 March 2, 2019 February 29, 2020 March 2, 2019 Non-specialty shell egg sales $ 210,329 $ 234,960 $ 518,898 $ 659,446 Specialty shell egg sales 117,672 131,120 332,092 364,222 Co-pack specialty shell egg sales 7,347 7,052 20,026 20,055 Egg products 9,212 9,520 24,210 32,656 Other 1,028 1,340 3,050 4,237 $ 345,588 $ 383,992 $ 898,276 $ 1,080,616

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement [Abstract]
Summary Of Restricted Share Activity	The Company’s restricted share activity for the thirty-nine weeks ended February 29, 2020 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 1, 2019 248,412 $ 43.20 Granted 104,566 38.25 Vested (77,801) 43.00 Forfeited (2,131) 43.20 Outstanding, February 29, 2020 273,046 $ 41.36

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Feb. 29, 2020
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Net Income Per Share Attributable To The Company	The computations of basic and diluted net loss per share attributable to the Company are as follows (in thousands, except per share data): 13 Weeks Ended 39 Weeks Ended February 29, 2020 March 2, 2019 February 29, 2020 March 2, 2019 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 13,749 $ 39,777 $ (42,072) $ 73,989 Basic weighted-average common shares 48,473 48,417 48,455 48,416 Effect of dilutive securities: Restricted shares 115 116 — 129 Dilutive potential common shares 48,588 48,533 48,455 48,545 Antidilutive securities excluded from computation of earnings per share — — 121 — Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ 0.28 $ 0.82 $ (0.87) $ 1.53 Diluted $ 0.28 $ 0.82 $ (0.87) $ 1.52

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) $ in Thousands, layer in Millions	Oct. 20, 2019USD ($)layer
Business Acquisition [Line Items]
Consideration transferred	$ 44,515
Mahard Egg Farm
Business Acquisition [Line Items]
Consideration transferred	45,500
Deferred purchase price	$ 1,000
Number of laying hens acquired | layer	3.9
Layer capacity | layer	8
Percent owned	93.20%

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets Acquired (Details) $ in Thousands	Oct. 20, 2019USD ($)
Business Acquisition [Line Items]
Cash consideration paid at closing	$ 44,515
Mahard Egg Farm
Business Acquisition [Line Items]
Inventory	5,276
Property, plant and equipment	38,433
Customer list and non-compete agreement	2,000
Liabilities assumed	(194)
Total purchase price	45,515
Deferred purchase price	(1,000)
Cash consideration paid at closing	$ 45,500

Inventories (Details)

Inventories (Details) $ in Thousands, pullet_and_breeder in Millions, layer in Millions	Feb. 29, 2020USD ($)pullet_and_breederlayer	Jun. 01, 2019USD ($)
Inventory Disclosure [Abstract]
Flocks, net of amortization	$ 111,275	$ 105,536
Eggs and egg products	18,117	14,318
Feed and supplies	62,029	52,383
Total inventories	$ 191,421	$ 172,237
Pullets and breeders | pullet_and_breeder	9.9
Layer | layer	40.1

Investment Securities (Schedule

Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Jun. 01, 2019
Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 80,390	$ 249,875
Unrealized Gains	475	315
Unrealized Losses	2	9
Estimated Fair Value	80,863	250,181
Noncurrent Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,994	2,331
Unrealized Gains	661	1,026
Unrealized Losses	0	0
Estimated Fair Value	2,655	3,357
US government and agency obligations | Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		30,896
Unrealized Gains		78
Unrealized Losses		0
Estimated Fair Value		30,974
Municipal bonds | Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,862	50,220
Unrealized Gains	134	133
Unrealized Losses	0	0
Estimated Fair Value	18,996	50,353
Commercial paper | Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		9,953
Unrealized Gains		0
Unrealized Losses		8
Estimated Fair Value		9,945
Corporate bonds | Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	59,329	147,068
Unrealized Gains	329	94
Unrealized Losses	0	0
Estimated Fair Value	59,658	147,162
Certificates of deposits | Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,003	6,149
Unrealized Gains	0	0
Unrealized Losses	2	1
Estimated Fair Value	1,001	6,148
Asset backed securities | Current Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,196	5,589
Unrealized Gains	12	10
Unrealized Losses	0	0
Estimated Fair Value	1,208	5,599
Mutual funds | Noncurrent Assets
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,994	2,331
Unrealized Gains	661	1,026
Unrealized Losses	0	0
Estimated Fair Value	$ 2,655	$ 3,357

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($)	9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019
Current Assets
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale securities	$ 181,500,000	$ 160,200,000
Gross realized gains on sales of available-for-sale securities	246,000	7,000
Gross realized losses on sales of available-for-sale securities	7,000	35,000
Noncurrent Assets
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale securities	1,200,000	84,000
Gross realized gains on sales of available-for-sale securities	611,000	48,000
Gross realized losses on sales of available-for-sale securities	$ 0	$ 0

Investment Securities (Schedu_2

Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands	Feb. 29, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Within one year	$ 67,854
1-5 years	13,009
Total	$ 80,863

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt) (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Jun. 01, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 908	$ 2,554
Carrying Value | Note payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	1,500
Carrying Value | Finance lease obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	908	1,054
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	823	2,441
Fair Value | Note payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	1,501
Fair Value | Finance lease obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 823	$ 940

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	Feb. 29, 2020	Jun. 01, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 83,518	$ 253,538
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	2,655	3,357
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	80,863	250,181
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		30,974
US government and agency obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		0
US government and agency obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		30,974
US government and agency obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		0
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	18,996	50,353
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	18,996	50,353
Municipal bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		9,945
Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		0
Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		9,945
Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	59,658	147,162
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	59,658	147,162
Corporate bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Certificates of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	1,001	6,148
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	1,001	6,148
Certificates of deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	1,208	5,599
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	1,208	5,599
Asset backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	2,655	3,357
Mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	2,655	3,357
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

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Feb. 29, 2020	Feb. 29, 2020
Leases [Abstract]
Operating Lease cost	$ 237	$ 635
Finance Lease cost
Amortization of right-of-use asset	38	115
Interest on lease obligations	10	33
Short term lease cost	$ 921	$ 2,649

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Feb. 29, 2020USD ($)
Operating Leases
Remainder fiscal 2020	$ 235
2021	930
2022	806
2023	919
2024	130
Thereafter	31
Total	3,051
Less imputed interest	(325)
Total	2,726
Finance Leases
Remainder fiscal 2020	60
2021	239
2022	239
2023	239
2024	219
Thereafter	0
Total	996
Less imputed interest	(88)
Total	$ 908

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Information (Details)	Feb. 29, 2020
Operating Leases
Weighted-average remaining lease term (years)	3 years 8 months 12 days
Weighted-average discount rate	5.90%
Finance Leases
Weighted-average remaining lease term (years)	3 years 9 months 18 days
Weighted-average discount rate	4.90%

Accrued Dividends Payable And_3

Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) $ in Millions	9 Months Ended
	Feb. 29, 2020USD ($)
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	33.00%
Cumulative losses to be recovered prior to paying dividend	$ 61.9

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		9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019	Feb. 29, 2020	Mar. 02, 2019	Jun. 01, 2019
Class of Stock [Line Items]
Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend	$ 13,749	$ 39,777	$ (42,072)	$ 73,989
One third of net income attributable to parent	$ 0	$ 13,245	$ 0	$ 24,626
Common stock, shares outstanding (in shares)	48,774	48,695	48,774	48,695
Dividends per common share (in dollars per share)	$ 0	$ 0.272	$ 0	$ 0.506
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	43,974	43,895	43,974	43,895
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

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019	Feb. 29, 2020	Mar. 02, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	$ 934,293	$ 980,628	$ 989,806	$ 955,682
Other comprehensive loss, net of tax	(29)	921	(653)	732
Restricted stock grant, net of forfeitures	0	0	0	0
Purchase company stock to satisfy withholding obligations from vesting of restricted stock	(889)	(979)	(910)	(985)
Distributions to noncontrolling interest partners			(755)
Restricted stock compensation	886	866	2,680	2,620
Dividends		(13,258)		(24,620)
Net income (loss), including noncontrolling interests	13,771	39,865	(42,136)	74,614
Balance ending	948,032	1,008,043	948,032	1,008,043
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	(25,888)	(24,974)	(25,866)	(24,966)
Restricted stock grant, net of forfeitures	103	88	102	86
Purchase company stock to satisfy withholding obligations from vesting of restricted stock	(889)	(979)	(910)	(985)
Balance ending	(26,674)	(25,865)	(26,674)	(25,865)
Paid In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	58,652	55,079	56,857	53,323
Restricted stock grant, net of forfeitures	(103)	(88)	(102)	(86)
Restricted stock compensation	886	866	2,680	2,620
Balance ending	59,435	55,857	59,435	55,857
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	(269)	(882)	355	(693)
Other comprehensive loss, net of tax	(29)	921	(653)	732
Balance ending	(298)	39	(298)	39
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	900,485	947,768	954,527	924,918
Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition, see Note 2			1,779
Net income (loss), including noncontrolling interests	13,749	39,777	(42,072)	73,989
Balance ending	914,234	974,287	914,234	974,287
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	562	2,886	3,182	2,349
Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition, see Note 2			(1,779)
Net income (loss), including noncontrolling interests	22	88	(64)	625
Balance ending	584	2,974	584	2,974
Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	703	703	703	703
Balance ending	703	703	703	703
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning	48	48	48	48
Balance ending	$ 48	$ 48	$ 48	$ 48

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019	Feb. 29, 2020	Mar. 02, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 345,588	$ 383,992	$ 898,276	$ 1,080,616
Non-specialty shell egg sales
Disaggregation of Revenue [Line Items]
Net sales	210,329	234,960	518,898	659,446
Specialty shell egg sales
Disaggregation of Revenue [Line Items]
Net sales	117,672	131,120	332,092	364,222
Co-pack specialty shell egg sales
Disaggregation of Revenue [Line Items]
Net sales	7,347	7,052	20,026	20,055
Egg products
Disaggregation of Revenue [Line Items]
Net sales	9,212	9,520	24,210	32,656
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 1,028	$ 1,340	$ 3,050	$ 4,237

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense (benefit)	$ 2.7	$ 2.7
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7.2
Weighted average period of unrecognized compensation expense (in years)	2 years 3 months 18 days

Stock Based Compensation (Summa

Stock Based Compensation (Summary Of Restricted Share Activity) (Details) - Restricted Shares	9 Months Ended
	Feb. 29, 2020$ / sharesshares
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) | shares	248,412
Number of Shares, Granted (in shares) | shares	104,566
Number of Shares, Vested (in shares) | shares	(77,801)
Number of Shares, Forfeited (in shares) | shares	(2,131)
Number of Shares, Outstanding, Ending Balance (in shares) | shares	273,046
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares	$ 43.20
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	38.25
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	43
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	43.20
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares	$ 41.36

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Mar. 02, 2019	Feb. 29, 2020	Mar. 02, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 13,749	$ 39,777	$ (42,072)	$ 73,989
Basic weighted-average common shares (in shares)	48,473,000	48,417,000	48,455,000	48,416,000
Dilutive potential common shares (in shares)	48,588,000	48,533,000	48,455,000	48,545,000
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	121,000	0
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.:
Basic (in dollars per share)	$ 0.28	$ 0.82	$ (0.87)	$ 1.53
Diluted (in dollars per share)	$ 0.28	$ 0.82	$ (0.87)	$ 1.52
Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	115,000	116,000	0	129,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Feb. 29, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Standby letters of credit	$ 4.2