Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Mar. 01, 2014 | Mar. 28, 2014 | Mar. 28, 2014 | |
Common Stock [Member] | Class A Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'CAL MAINE FOODS INC | ' | ' |
Entity Central Index Key | '0000016160 | ' | ' |
Current Fiscal Year End Date | '--05-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 21,781,557 | 2,400,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 01, 2014 | Jun. 01, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,387 | $24,984 |
Investment securities available-for-sale | 175,261 | 157,904 |
Trade receivables (less allowance for doubtful accounts of $680 at March 01, 2014 and $771 at June 1, 2013) and other receivables | 97,795 | 82,586 |
Inventories | 149,296 | 147,993 |
Prepaid expenses and other current assets | 2,170 | 1,414 |
Total current assets | 439,909 | 414,881 |
Property, plant and equipment, net | 306,528 | 266,008 |
Goodwill | 28,298 | 24,417 |
Other investments | 5,957 | 20,413 |
Other intangible assets | 11,100 | 12,326 |
Other long-lived assets | 4,799 | 7,017 |
Notes receivable - noncurrent | 486 | 565 |
TOTAL ASSETS | 797,077 | 745,627 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 72,266 | 71,827 |
Accrued legal settlement expense | ' | 28,000 |
Accrued dividends payable | 14,284 | ' |
Current maturities of long-term debt | 10,577 | 10,373 |
Deferred income taxes | 31,571 | 19,995 |
Total current liabilities | 128,698 | 130,195 |
Long-term debt, less current maturities | 53,384 | 54,647 |
Other noncurrent liabilities | 4,810 | 4,322 |
Deferred income taxes | 37,330 | 38,419 |
Total liabilities | 224,222 | 227,583 |
Commitments and Contingencies - see Note 5 | ' | ' |
Stockholders' equity: | ' | ' |
Paid-in capital | 40,043 | 39,052 |
Retained earnings | 551,827 | 498,711 |
Accumulated other comprehensive income, net of tax | 365 | 166 |
Common stock in treasury at cost - 13,349 shares at March 1, 2014 and 13,432 at June 1, 2013 | -20,453 | -20,572 |
Total Cal-Maine Foods, Inc. stockholders' equity | 572,157 | 517,732 |
Noncontrolling interest in consolidated entities | 698 | 312 |
Total stockholders' equity | 572,855 | 518,044 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 797,077 | 745,627 |
Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 351 | 351 |
Total stockholders' equity | 351 | 351 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 24 | 24 |
Total stockholders' equity | $24 | $24 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 01, 2014 | Jun. 01, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $680 | $771 |
Common stock, shares outstanding | 24,182,000 | ' |
Treasury stock, shares | 13,349,000 | 13,432,000 |
Common Stock [Member] | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, authorized shares | 60,000,000 | 60,000,000 |
Common stock, issued | 35,130,000 | 35,130,000 |
Common stock, shares outstanding | 21,782,000 | 21,698,000 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, authorized shares | 2,400,000 | 2,400,000 |
Common stock, issued | 2,400,000 | 2,400,000 |
Common stock, shares outstanding | 2,400,000 | 2,400,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 | ||||
Condensed Consolidated Statements Of Income [Abstract] | ' | ' | ' | ' | ||||
Net sales | $395,522 | $360,373 | $1,069,325 | $962,171 | ||||
Cost of sales | 303,627 | 293,326 | 857,852 | 799,111 | ||||
Gross profit | 91,895 | 67,047 | 211,473 | 163,060 | ||||
Selling, general and administrative expense | 45,299 | 36,136 | 112,949 | 96,186 | ||||
Operating income | 46,596 | 30,911 | 98,524 | 66,874 | ||||
Other income (expense): | ' | ' | ' | ' | ||||
Interest expense, net | -563 | -963 | -2,049 | -2,849 | ||||
Royalty income | 1,037 | 2,013 | 3,449 | 3,492 | ||||
Patronage dividends | 5,841 | 11,504 | 6,093 | 14,267 | ||||
Equity in income of affiliates | 1,530 | 2,037 | 2,484 | 2,880 | ||||
Other | 4,158 | 380 | 4,795 | -1,684 | ||||
Nonoperating income (expense), total | 12,003 | 14,971 | 14,772 | 16,106 | ||||
Income before income taxes and noncontrolling interest | 58,599 | 45,882 | 113,296 | 82,980 | ||||
Income tax expense | 15,643 | 15,335 | 35,195 | 28,583 | ||||
Net income before noncontrolling interest | 42,956 | 30,547 | 78,101 | 54,397 | ||||
Less: Net income (loss) attributable to noncontrolling interest | 103 | -4 | 386 | 141 | ||||
Net income attributable to Cal-Maine Foods, Inc. | $42,853 | $30,551 | $77,715 | $54,256 | ||||
Net income per common share attributable to Cal-Maine Foods Inc.: | ' | ' | ' | ' | ||||
Basic | $1.78 | $1.27 | $3.23 | $2.26 | ||||
Diluted | $1.77 | $1.27 | $3.22 | $2.26 | ||||
Dividends per common share | $0.59 | [1] | $0.42 | [1] | $1.02 | [1] | $0.75 | [1] |
Weighted average shares outstanding: | ' | ' | ' | ' | ||||
Basic | 24,047 | 24,035 | 24,061 | 23,966 | ||||
Diluted | 24,162 | 24,104 | 24,155 | 24,013 | ||||
[1] | Dividends per common share =/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend C7 Total common stock outstanding (shares) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income including noncontrolling interests | $42,956 | $30,547 | $78,101 | $54,397 |
Other comprehensive income, before tax: | ' | ' | ' | ' |
Unrealized holding gain on available-for-sale securities, net of reclassification adjustments | 97 | 157 | 325 | 381 |
Other comprehensive income, before tax | 97 | 157 | 325 | 381 |
Income tax expense related to items of other comprehensive income | 37 | 61 | 126 | 148 |
Other comprehensive income, net of tax | 60 | 96 | 199 | 233 |
Comprehensive income | 43,016 | 30,643 | 78,300 | 54,630 |
Less: comprehensive income (loss) attributable to the noncontrolling interest | 103 | -4 | 386 | 141 |
Comprehensive income attributable to Cal-Maine Foods, Inc. | $42,913 | $30,647 | $77,914 | $54,489 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Operating activities: | ' | ' |
Net income including noncontrolling interests | $78,101 | $54,397 |
Depreciation and amortization | 27,318 | 24,718 |
Equity in income of affiliates | 2,484 | 2,880 |
Other adjustments, net | -34,562 | -36,515 |
Net cash provided by operations | 70,857 | 42,600 |
Investing activities: | ' | ' |
Purchase of investments | -106,472 | -163,307 |
Sales of investments | 91,412 | 177,396 |
Purchases of property, plant and equipment | -40,927 | -19,121 |
Payments received on notes receivable and from affiliates | 4,379 | 6,285 |
Acquisitions of businesses, net of cash acquired | -11,548 | -74,907 |
Increase in notes receivable and investments in affiliates | ' | -294 |
Net proceeds from disposal of property, plant and equipment | 631 | 62 |
Net cash used in investing activities | -62,525 | -73,886 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock from treasury, net (including tax benefit on nonqualifying disposition of incentive stock options) | 271 | 380 |
Principal payments on long-term debt | -7,884 | -8,474 |
Payments of dividends | -10,316 | -20,357 |
Net cash used in financing activities | -17,929 | -28,451 |
Net change in cash and cash equivalents | -9,597 | -59,737 |
Cash and cash equivalents at beginning of period | 24,984 | 97,128 |
Cash and cash equivalents at end of period | $15,387 | $37,391 |
Presentation_Of_Interim_Inform
Presentation Of Interim Information | 9 Months Ended |
Mar. 01, 2014 | |
Presentation Of Interim Information [Abstract] | ' |
Presentation Of Interim Information | ' |
1. Presentation of Interim Information | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles 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 generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the results for the interim periods presented have been included. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions. These estimates and assumptions affected reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions. Operating results for the thirteen and thirty-nine weeks ended March 1, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2014. | |
The condensed consolidated balance sheet at June 1, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in Cal-Maine Foods, Inc.'s annual report on Form 10-K for the fiscal year ended June 1, 2013. References to “we,” “us,” “our,” or the “Company” refer to Cal-Maine Foods, Inc. | |
Acquisition
Acquisition | 9 Months Ended | ||
Mar. 01, 2014 | |||
Acquisition [Abstract] | ' | ||
Acquisition | ' | ||
2. Acquisition | |||
Effective March 1, 2014, the Company purchased our joint venture partner’s 50% interest in Delta Egg Farm, LLC (“Delta Egg”) for $17.0 million. The Company previously owned 50% of Delta Egg through a joint venture with Sunbest Foods of Iowa, a Moark, LLC affiliate. The purchase price was funded from our available cash balances. In conjunction with the acquisition, the Company recognized a non-recurring, non-cash gain of $4.0 million for the excess in purchase price over the carrying value of the 50% investment in the unconsolidated joint venture. This gain was recorded in “Other Income” in the Company’s Condensed Consolidated Statements of Income. The gain is non-taxable, and therefore resulted in a $1.5 million reduction to the Company’s income tax expense for the third quarter of fiscal 2014. Additionally, the Company recorded a $3.7 million decrease to deferred income tax liabilities related to the outside basis of our equity investment in Delta Egg. Delta Egg’s assets include a feed mill and a production complex with capacity for approximately 1.2 million laying hens near Delta, Utah, as well as an organic complex with capacity for approximately 400,000 laying hens near Chase, Kansas. | |||
The following table represents the allocation of the purchase price to the assets and liabilities acquired, based on their fair values (in thousands): | |||
Cash and cash equivalents | $ | 5,452 | |
Investment securities available for sale | 1,973 | ||
Inventories | 7,033 | ||
Property, plant, and equipment | 24,767 | ||
Other intangible assets | 929 | ||
Goodwill | 3,881 | ||
Other current assets | 2,824 | ||
Current liabilities | -3,677 | ||
Long-term debt | -5,301 | ||
Deferred income taxes | -3,881 | ||
Total assets and liabilities acquired | $ | 34,000 | |
The allocation was preliminary at March 1, 2014 due to the timing of the acquisition. | |||
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | |||||
Mar. 01, 2014 | ||||||
Stock Based Compensation [Abstract] | ' | |||||
Stock Based Compensation | ' | |||||
3. Stock Based Compensation | ||||||
Total stock based compensation expense for the thirty-nine weeks ended March 1, 2014 and March 2, 2013 was $1.0 million and $712,000, respectively. Liabilities associated with Stock Appreciation Rights (“SARs”) as of March 1, 2014 and June 1, 2013 were $867,000 and $986,000 respectively. The liabilities for our 2005 Stock Appreciation Rights are included in the line item “Accounts payable and accrued expenses” in our Condensed Consolidated Balance Sheets. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at March 1, 2014 was $4.8 million, and will be recorded over a period of 2.4 years. Refer to Note 11 of our June 1, 2013 audited financial statements for further information on our stock compensation plans. | ||||||
A summary of the Company’s restricted shares activity for the thirty-nine weeks ended March 1, 2014 is as follows: | ||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Outstanding, June 1, 2013 | 63,000 | $ | 41.08 | |||
Granted | 63,600 | 53.53 | ||||
Vested | -2,600 | -46.35 | ||||
Forfeited | -300 | -41.08 | ||||
Outstanding, March 1, 2014 | 123,700 | $ | 47.37 | |||
Inventories
Inventories | 9 Months Ended | ||||||
Mar. 01, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
4. Inventories | |||||||
Inventories consisted of the following (in thousands): | |||||||
1-Mar-14 | 1-Jun-13 | ||||||
Flocks | $ | 89,491 | $ | 83,894 | |||
Eggs | 12,050 | 13,694 | |||||
Feed and supplies | 47,755 | 50,405 | |||||
$ | 149,296 | $ | 147,993 | ||||
Contingencies
Contingencies | 9 Months Ended |
Mar. 01, 2014 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
5. Contingencies | |
Financial Instruments | |
The Company maintains cash collateralized standby letters of credit (“LOC”), for the benefit of certain insurance companies, with a bank totaling $3.0 million at March 1, 2014. The cash collateralizing the LOCs is included in the line item “Other long-lived assets” in the Condensed Consolidated Balance Sheets. None of the LOCs are 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 potentially material loss contingency is not probable, but is reasonably possible, or is 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 would be disclosed, or a statement would be made that such an estimate cannot be made. | |
These legal actions are discussed in detail at Part II, Item 1, of this report. | |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Net Income Per Common Share [Abstract] | ' | |||||||||||
Net Income Per Common Share | ' | |||||||||||
6. Net Income per Common Share | ||||||||||||
Basic net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income 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. The computations of basic and diluted net income per share attributable to the Company are as follows (in thousands, except per share data): | ||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
1-Mar-14 | 2-Mar-13 | 1-Mar-14 | 2-Mar-13 | |||||||||
Net income attributable to | ||||||||||||
Cal-Maine Foods, Inc. | $ | 42,853 | $ | 30,551 | $ | 77,715 | $ | 54,256 | ||||
Basic weighted-average common shares | 24,047 | 24,035 | 24,061 | 23,966 | ||||||||
Effect of dilutive securities: | ||||||||||||
Restricted shares | 95 | 32 | 74 | 10 | ||||||||
Common stock options | 20 | 37 | 20 | 37 | ||||||||
Dilutive potential common shares | 24,162 | 24,104 | 24,155 | 24,013 | ||||||||
Net income per common share | ||||||||||||
attributable to Cal-Maine Foods, Inc.: | ||||||||||||
Basic | $ | 1.78 | $ | 1.27 | $ | 3.23 | $ | 2.26 | ||||
Diluted | $ | 1.77 | $ | 1.27 | $ | 3.22 | $ | 2.26 | ||||
Accrued_Dividends_Payable_And_
Accrued Dividends Payable And Dividends Per Common Share | 9 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | ' | |||||||||||
Accrued Dividends Payable And Dividends Per Common Share | ' | |||||||||||
7. Accrued Dividends Payable and Dividends per Common Share | ||||||||||||
We make an accrual of dividends payable at the end of each quarter according to the Company’s dividend policy adopted by its Board of Directors. According to the dividend policy, 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 will pay dividends to shareholders of record on the 70th 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.” | ||||||||||||
In the fourth quarter of fiscal 2013 the Company reported a net loss attributable to Cal-Maine Foods, Inc. of $3.8 million. As a result total dividends paid for the thirty-nine weeks ended March 1, 2014 are calculated only on net income attributable to Cal-Maine Foods, Inc. in excess of $3.8 million. | ||||||||||||
On our condensed consolidated statement of income, 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 | |||||||||||
1-Mar-14 | 2-Mar-13 | 1-Mar-14 | 2-Mar-13 | |||||||||
Net income attributable to Cal-Maine Foods, Inc. | $ | 42,853 | $ | 30,551 | $ | 77,715 | $ | 54,256 | ||||
Fourth quarter fiscal 2013 loss | - | - | -3,833 | - | ||||||||
Net income available for dividend calculation | 42,853 | 30,551 | 73,882 | 54,256 | ||||||||
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | 14,284 | 10,184 | 24,627 | 18,085 | ||||||||
Accrued dividends payable | 14,284 | 10,184 | ||||||||||
Common stock outstanding (shares) | 21,782 | 21,698 | ||||||||||
Class A common stock outstanding (shares) | 2,400 | 2,400 | ||||||||||
Total common stock outstanding (shares) | 24,182 | 24,098 | ||||||||||
Dividends per common share* | $ | 0.591 | $ | 0.423 | $ | 1.020 | $ | 0.753 | ||||
*Dividends per common share =/font>1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares) | ||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||
Mar. 01, 2014 | ||||
Derivative Financial Instruments [Abstract] | ' | |||
Derivative Financial Instruments | ' | |||
8. Derivative Financial Instruments | ||||
The Company holds commodity futures contracts in the form of call options, the cost of which is paid for by customers, to protect against increases in the price of corn and soybean meal purchases required to support that portion of its shell egg production sold on a cost of production formula. The contracts are generally for durations of less than six months. The Company elected to mark the unrealized changes in derivative instrument fair value to market; however, the net realized cost of these contracts is paid by customers, so there is no net impact to the Company’s Consolidated Statement of Income. The fair value of all derivative instruments outstanding is included as a component of “Prepaid Expenses and Other Current Assets” on the Condensed Consolidated Balance Sheets as follows (in thousands): | ||||
Contracts outstanding at period end | ||||
Commodity | Units | Fair Value | ||
Corn | 2,610 | bushels | $ | |
325 | ||||
Soybean meal | 27 | tons | $ | |
585 | ||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Mar. 01, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
9. 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 disclosure 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. Except for the “Notes payable-Texas Egg Products, LLC,” fair values for debt are based on quoted market prices or published forward interest rate curves. We believe cost approximates fair value for the “Notes payable-Texas Egg Products, LLC.” Estimated fair values are management’s estimates; however, when there is no readily available market data, the estimated fair values may not represent the amounts that could be realized in a current transaction, and the fair values could change significantly. There is no readily available market data for the “Note Payable-Texas Egg Products, LLC.” The fair value and carrying value of the Company’s borrowings under its credit facilities and long-term debt were as follows (in thousands): | |||||||||||||
1-Mar-14 | 1-Jun-13 | ||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||
5.45 – 6.4% Notes payable | $ | 54,559 | $ | 55,518 | $ | 54,240 | $ | 56,237 | |||||
Series A Senior Secured Notes at 5.45% | 8,944 | 8,944 | 10,523 | 10,636 | |||||||||
Other | 198 | 203 | - | - | |||||||||
Notes payable-Texas Egg Products, LLC (payable to non-affiliate equity members) | 260 | 260 | 257 | 257 | |||||||||
$ | 63,961 | $ | 64,925 | $ | 65,020 | $ | 67,130 | ||||||
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 that are required to be measured at fair value on a recurring basis as of March 1, 2014 and June 1, 2013: | |||||||||||||
1-Mar-14 | |||||||||||||
Quoted Prices | |||||||||||||
in Active | Significant | ||||||||||||
Markets for | Other | Significant | |||||||||||
Identical | Observable | Unobservable | |||||||||||
Instruments | Inputs | Inputs | Total | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | ||||||||||
Investment securities available-for-sale | |||||||||||||
State municipal bonds | $ | - | $ | 69,488 | $ | - | $ | 69,488 | |||||
US government obligations | - | 4,060 | - | 4,060 | |||||||||
Corporate bonds | - | 82,358 | - | 82,358 | |||||||||
Commercial paper | - | 9,697 | - | 9,697 | |||||||||
Certificates of deposit | - | 1,838 | - | 1,838 | |||||||||
Government agency bonds | - | 5,820 | - | 5,820 | |||||||||
Variable rate demand notes | - | 2,000 | - | 2,000 | |||||||||
Mutual Funds* | 1,406 | - | - | 1,406 | |||||||||
Total available-for-sale securities at fair value | 1,406 | 175,261 | - | 176,667 | |||||||||
Commodity Contracts | - | 910 | - | 910 | |||||||||
Total assets measured at fair value | $ | 1,406 | $ | 176,171 | $ | - | $ | 177,577 | |||||
Contingent consideration | - | - | 868 | 868 | |||||||||
Total liabilities measured at fair value | $ | - | $ | - | $ | 868 | $ | 868 | |||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | |||||||||||||
1-Jun-13 | |||||||||||||
Quoted Prices | |||||||||||||
in Active | Significant | ||||||||||||
Markets for | Other | Significant | |||||||||||
Identical | Observable | Unobservable | |||||||||||
Instruments | Inputs | Inputs | Total | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | ||||||||||
Investment securities available-for-sale | |||||||||||||
State municipal bonds | $ | - | $ | 61,195 | $ | - | $ | 61,195 | |||||
US government obligations | - | 12,377 | - | 12,377 | |||||||||
Corporate bonds | - | 64,383 | - | 64,383 | |||||||||
Certificates of deposit | - | 12,285 | - | 12,285 | |||||||||
Government agency bonds | - | 7,664 | - | 7,664 | |||||||||
Mutual Funds* | 1,026 | - | - | 1,026 | |||||||||
Total assets measured at fair value | $ | 1,026 | $ | 157,904 | $ | - | $ | 158,930 | |||||
Contingent consideration | $ | - | $ | - | $ | 1,250 | $ | 1,250 | |||||
Total liabilities measured at fair value | $ | - | $ | - | $ | 1,250 | $ | 1,250 | |||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | |||||||||||||
Our investment securities – available-for-sale classified as level 2 as of March 1, 2014 consist of certificates of deposit, United States government obligations, Canadian government agency bonds, taxable municipal bonds, tax exempt municipal bonds, zero coupon municipal bonds, corporate bonds, commercial paper and variable rate demand notes. We classified these securities as current, because amounts invested are available for current operations. Observable inputs for these securities are yields, credit risks, default rates, and volatility. | |||||||||||||
The Company applies fair value accounting guidance to measure non-financial assets and liabilities associated with business acquisitions. These assets and liabilities are measured at fair value for the initial purchase price allocation and are subject to recurring revaluations. The fair value of non-financial assets acquired is determined internally. Our internal valuation methodology for non-financial assets takes into account the remaining estimated life of the assets acquired and what management believes is the market value for those assets based on their highest and best use. Liabilities for contingent consideration (earn-outs) take into account commodity prices based on published forward commodity price curves, projected future egg prices as of the date of the estimate, and projected future cash flows expected to be received as a result of a business acquisition (Refer to Note 2 in the Annual Report on Form 10-K). Given the unobservable nature of these inputs, they are deemed to be Level 3 fair value measurements. During the thirty-nine weeks ended March 1, 2014 we recognized $2.2 million in expense resulting from the increase in fair value of the contingent consideration. This expense was recognized in earnings as an increase of selling, general, and administrative expenses. Changes in the fair value of contingent consideration obligations were as follows (in thousands): | |||||||||||||
Thirty-nine weeks ended March 1, 2014 | |||||||||||||
Balance at June 1, 2013 | $ | 1,250 | |||||||||||
Liabilities recognized at acquisition date | - | ||||||||||||
(Gains)/Losses recognized in earnings | 2,243 | ||||||||||||
Actual payments made | -2,625 | ||||||||||||
Balance at March 1, 2014 | $ | 868 | |||||||||||
AvailableForSale_Securities
Available-For-Sale Securities | 9 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Available-For-Sale Securities [Abstract] | ' | |||||||||||
Available-For-Sale Securities | ' | |||||||||||
10. Available-for-Sale Securities | ||||||||||||
The following represents the Company’s available-for-sale securities as of March 1, 2014 and June 1, 2013 (in thousands): | ||||||||||||
1-Mar-14 | ||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||
State municipal bonds | $ | 69,328 | $ | 160 | $ | - | $ | 69,488 | ||||
US government obligations | 4,057 | 3 | - | 4,060 | ||||||||
Corporate bonds | 82,255 | 103 | - | 82,358 | ||||||||
Commercial paper | 9,696 | 1 | - | 9,697 | ||||||||
Certificates of deposit | 1,837 | 1 | - | 1,838 | ||||||||
Government agency bonds | 5,814 | 6 | - | 5,820 | ||||||||
Variable rate demand notes | 2,000 | - | - | 2,000 | ||||||||
Total available-for-sale securities | $ | 174,987 | $ | 274 | $ | - | $ | 175,261 | ||||
Mutual Funds* | 993 | 413 | - | 1,406 | ||||||||
Total noncurrent available-for-sale securities | $ | 993 | $ | 413 | $ | - | $ | 1,406 | ||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | ||||||||||||
1-Jun-13 | ||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||
State municipal bonds | $ | 61,124 | $ | 71 | $ | - | $ | 61,195 | ||||
US government obligations | 12,378 | - | 1 | 12,377 | ||||||||
Corporate bonds | 64,406 | - | 23 | 64,383 | ||||||||
Certificates of deposit | 12,280 | 5 | - | 12,285 | ||||||||
Government agency bonds | 7,659 | 5 | - | 7,664 | ||||||||
Total current available-for-sale securities | $ | 157,847 | $ | 81 | $ | 24 | $ | 157,904 | ||||
Mutual Funds* | 721 | 305 | - | 1,026 | ||||||||
Total noncurrent available-for-sale securities | $ | 721 | $ | 305 | $ | - | $ | 1,026 | ||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | ||||||||||||
Proceeds from the sales of available-for-sale securities were $91.4 million and $177.4 million during the thirty-nine weeks ended March 1, 2014 and March 2, 2013, respectively. Gross realized gains on those sales during the thirty-nine weeks ended March 1, 2014 and March 2, 2013 were $7,000 and zero, respectively. Gross realized losses on those sales during the thirty-nine weeks ended March 1, 2014 and March 2, 2013 were $2,000 and $31,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding gains net of tax on available-for-sale securities were $199,000 and $233,000 for the thirty-nine weeks ended March 1, 2014 and March 2, 2013, respectively. The unrealized holding gains net of tax have been included in accumulated other comprehensive income. | ||||||||||||
Contractual maturities of available-for-sale debt securities at March 1, 2014, are as follows (in thousands): | ||||||||||||
Estimated Fair Value | ||||||||||||
Within one year | $ | 102,724 | ||||||||||
After 1-5 years | 72,537 | |||||||||||
After 5-10 years | - | |||||||||||
Total | $ | 175,261 | ||||||||||
Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||
Equity
Equity | 9 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
11. Equity | |||||||||||||||||
The following reflects the equity activity, including our noncontrolling interest, for the thirty-nine weeks ended March 1, 2014 (in thousands): | |||||||||||||||||
Cal-Maine Foods, Inc. | |||||||||||||||||
Common Stock | |||||||||||||||||
Class A | Treasury | Paid In | Accum. Other | Retained | Noncontrolling | ||||||||||||
Amount | Amount | Amount | Capital | Comp. Loss | Earnings | Interests | Total | ||||||||||
Balance at June 1, 2013 | $ | 351 | $ | 24 | $ | -20,572 | $ | 39,052 | $ | 166 | $ | 498,711 | $ | 312 | $ | 518,044 | |
Dividends* | - | - | - | - | - | -24,599 | - | -24,599 | |||||||||
Other comprehensive loss, net of tax | - | - | - | - | 199 | - | - | 199 | |||||||||
Grant of restricted stock | - | - | 98 | -98 | - | - | - | - | |||||||||
Purchase of company stock - shares withheld to satisfy withholding obligation in connection with the vesting of restricted stock | - | - | -9 | - | - | - | - | -9 | |||||||||
Proceeds from stock option exercise | - | - | 30 | 88 | - | - | - | 118 | |||||||||
Tax benefit on non-qualifying distribution of incentive stock | - | - | - | 160 | - | - | - | 160 | |||||||||
Restricted stock compensation | - | - | - | 841 | - | - | - | 841 | |||||||||
Net income | - | - | - | - | - | 77,715 | 386 | 78,101 | |||||||||
Balance at March 1, 2014 | $ | 351 | $ | 24 | $ | -20,453 | $ | 40,043 | $ | 365 | $ | 551,827 | $ | 698 | $ | 572,855 | |
* Dividends are calculated as 1/3 of net income after prior period loss (includes adjustment for actual dividends paid based on accrual from previous period). | |||||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 01, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
12. Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires presentation, either on the face of the income statement or in the notes, of significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income, but only if the amounts reclassified are required to be reclassified in their entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about these amounts. The amendments in ASU 2013-02 are effective prospectively for annual reporting periods beginning after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 became effective for the Company with the quarter ended August 31, 2013. The adoption of ASU 2013-02 did not have a material effect on the Company’s financial statements. | |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||
Mar. 01, 2014 | |||
Acquisition [Abstract] | ' | ||
Schedule Of Purchase Price Allocation | ' | ||
Cash and cash equivalents | $ | 5,452 | |
Investment securities available for sale | 1,973 | ||
Inventories | 7,033 | ||
Property, plant, and equipment | 24,767 | ||
Other intangible assets | 929 | ||
Goodwill | 3,881 | ||
Other current assets | 2,824 | ||
Current liabilities | -3,677 | ||
Long-term debt | -5,301 | ||
Deferred income taxes | -3,881 | ||
Total assets and liabilities acquired | $ | 34,000 | |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | |||||
Mar. 01, 2014 | ||||||
Stock Based Compensation [Abstract] | ' | |||||
Summary Of Restricted Share Activity | ' | |||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Outstanding, June 1, 2013 | 63,000 | $ | 41.08 | |||
Granted | 63,600 | 53.53 | ||||
Vested | -2,600 | -46.35 | ||||
Forfeited | -300 | -41.08 | ||||
Outstanding, March 1, 2014 | 123,700 | $ | 47.37 | |||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Mar. 01, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Schedule Of Inventories | ' | ||||||
1-Mar-14 | 1-Jun-13 | ||||||
Flocks | $ | 89,491 | $ | 83,894 | |||
Eggs | 12,050 | 13,694 | |||||
Feed and supplies | 47,755 | 50,405 | |||||
$ | 149,296 | $ | 147,993 | ||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Net Income Per Common Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Net Income Per Share Attributable To The Company | ' | |||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
1-Mar-14 | 2-Mar-13 | 1-Mar-14 | 2-Mar-13 | |||||||||
Net income attributable to | ||||||||||||
Cal-Maine Foods, Inc. | $ | 42,853 | $ | 30,551 | $ | 77,715 | $ | 54,256 | ||||
Basic weighted-average common shares | 24,047 | 24,035 | 24,061 | 23,966 | ||||||||
Effect of dilutive securities: | ||||||||||||
Restricted shares | 95 | 32 | 74 | 10 | ||||||||
Common stock options | 20 | 37 | 20 | 37 | ||||||||
Dilutive potential common shares | 24,162 | 24,104 | 24,155 | 24,013 | ||||||||
Net income per common share | ||||||||||||
attributable to Cal-Maine Foods, Inc.: | ||||||||||||
Basic | $ | 1.78 | $ | 1.27 | $ | 3.23 | $ | 2.26 | ||||
Diluted | $ | 1.77 | $ | 1.27 | $ | 3.22 | $ | 2.26 | ||||
Accrued_Dividends_Payable_And_1
Accrued Dividends Payable And Dividends Per Common Share (Tables) | 9 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | ' | |||||||||||
Schedule Of Dividends Per Common Share | ' | |||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
1-Mar-14 | 2-Mar-13 | 1-Mar-14 | 2-Mar-13 | |||||||||
Net income attributable to Cal-Maine Foods, Inc. | $ | 42,853 | $ | 30,551 | $ | 77,715 | $ | 54,256 | ||||
Fourth quarter fiscal 2013 loss | - | - | -3,833 | - | ||||||||
Net income available for dividend calculation | 42,853 | 30,551 | 73,882 | 54,256 | ||||||||
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | 14,284 | 10,184 | 24,627 | 18,085 | ||||||||
Accrued dividends payable | 14,284 | 10,184 | ||||||||||
Common stock outstanding (shares) | 21,782 | 21,698 | ||||||||||
Class A common stock outstanding (shares) | 2,400 | 2,400 | ||||||||||
Total common stock outstanding (shares) | 24,182 | 24,098 | ||||||||||
Dividends per common share* | $ | 0.591 | $ | 0.423 | $ | 1.020 | $ | 0.753 | ||||
*Dividends per common share =/font>1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares) | ||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||
Mar. 01, 2014 | ||||
Derivative Financial Instruments [Abstract] | ' | |||
Schedule Of Fair Value Of All Derivative Instruments Outstanding | ' | |||
Contracts outstanding at period end | ||||
Commodity | Units | Fair Value | ||
Corn | 2,610 | bushels | $ | |
325 | ||||
Soybean meal | 27 | tons | $ | |
585 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Mar. 01, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-Term Debt | ' | ||||||||||||
1-Mar-14 | 1-Jun-13 | ||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||
5.45 – 6.4% Notes payable | $ | 54,559 | $ | 55,518 | $ | 54,240 | $ | 56,237 | |||||
Series A Senior Secured Notes at 5.45% | 8,944 | 8,944 | 10,523 | 10,636 | |||||||||
Other | 198 | 203 | - | - | |||||||||
Notes payable-Texas Egg Products, LLC (payable to non-affiliate equity members) | 260 | 260 | 257 | 257 | |||||||||
$ | 63,961 | $ | 64,925 | $ | 65,020 | $ | 67,130 | ||||||
Schedule Of Assets Measured At Fair Value On A Recurring Basis | ' | ||||||||||||
1-Mar-14 | |||||||||||||
Quoted Prices | |||||||||||||
in Active | Significant | ||||||||||||
Markets for | Other | Significant | |||||||||||
Identical | Observable | Unobservable | |||||||||||
Instruments | Inputs | Inputs | Total | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | ||||||||||
Investment securities available-for-sale | |||||||||||||
State municipal bonds | $ | - | $ | 69,488 | $ | - | $ | 69,488 | |||||
US government obligations | - | 4,060 | - | 4,060 | |||||||||
Corporate bonds | - | 82,358 | - | 82,358 | |||||||||
Commercial paper | - | 9,697 | - | 9,697 | |||||||||
Certificates of deposit | - | 1,838 | - | 1,838 | |||||||||
Government agency bonds | - | 5,820 | - | 5,820 | |||||||||
Variable rate demand notes | - | 2,000 | - | 2,000 | |||||||||
Mutual Funds* | 1,406 | - | - | 1,406 | |||||||||
Total available-for-sale securities at fair value | 1,406 | 175,261 | - | 176,667 | |||||||||
Commodity Contracts | - | 910 | - | 910 | |||||||||
Total assets measured at fair value | $ | 1,406 | $ | 176,171 | $ | - | $ | 177,577 | |||||
Contingent consideration | - | - | 868 | 868 | |||||||||
Total liabilities measured at fair value | $ | - | $ | - | $ | 868 | $ | 868 | |||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | |||||||||||||
1-Jun-13 | |||||||||||||
Quoted Prices | |||||||||||||
in Active | Significant | ||||||||||||
Markets for | Other | Significant | |||||||||||
Identical | Observable | Unobservable | |||||||||||
Instruments | Inputs | Inputs | Total | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | ||||||||||
Investment securities available-for-sale | |||||||||||||
State municipal bonds | $ | - | $ | 61,195 | $ | - | $ | 61,195 | |||||
US government obligations | - | 12,377 | - | 12,377 | |||||||||
Corporate bonds | - | 64,383 | - | 64,383 | |||||||||
Certificates of deposit | - | 12,285 | - | 12,285 | |||||||||
Government agency bonds | - | 7,664 | - | 7,664 | |||||||||
Mutual Funds* | 1,026 | - | - | 1,026 | |||||||||
Total assets measured at fair value | $ | 1,026 | $ | 157,904 | $ | - | $ | 158,930 | |||||
Contingent consideration | $ | - | $ | - | $ | 1,250 | $ | 1,250 | |||||
Total liabilities measured at fair value | $ | - | $ | - | $ | 1,250 | $ | 1,250 | |||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | |||||||||||||
Changes In Fair Value Of Contingent Consideration | ' | ||||||||||||
Thirty-nine weeks ended March 1, 2014 | |||||||||||||
Balance at June 1, 2013 | $ | 1,250 | |||||||||||
Liabilities recognized at acquisition date | - | ||||||||||||
(Gains)/Losses recognized in earnings | 2,243 | ||||||||||||
Actual payments made | -2,625 | ||||||||||||
Balance at March 1, 2014 | $ | 868 | |||||||||||
AvailableForSale_Securities_Ta
Available-For-Sale Securities (Tables) | 9 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Available-For-Sale Securities [Abstract] | ' | |||||||||||
Schedule Of Available-For-Sale Securities Classified As Current Assets | ' | |||||||||||
1-Mar-14 | ||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||
State municipal bonds | $ | 69,328 | $ | 160 | $ | - | $ | 69,488 | ||||
US government obligations | 4,057 | 3 | - | 4,060 | ||||||||
Corporate bonds | 82,255 | 103 | - | 82,358 | ||||||||
Commercial paper | 9,696 | 1 | - | 9,697 | ||||||||
Certificates of deposit | 1,837 | 1 | - | 1,838 | ||||||||
Government agency bonds | 5,814 | 6 | - | 5,820 | ||||||||
Variable rate demand notes | 2,000 | - | - | 2,000 | ||||||||
Total available-for-sale securities | $ | 174,987 | $ | 274 | $ | - | $ | 175,261 | ||||
Mutual Funds* | 993 | 413 | - | 1,406 | ||||||||
Total noncurrent available-for-sale securities | $ | 993 | $ | 413 | $ | - | $ | 1,406 | ||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | ||||||||||||
1-Jun-13 | ||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||
State municipal bonds | $ | 61,124 | $ | 71 | $ | - | $ | 61,195 | ||||
US government obligations | 12,378 | - | 1 | 12,377 | ||||||||
Corporate bonds | 64,406 | - | 23 | 64,383 | ||||||||
Certificates of deposit | 12,280 | 5 | - | 12,285 | ||||||||
Government agency bonds | 7,659 | 5 | - | 7,664 | ||||||||
Total current available-for-sale securities | $ | 157,847 | $ | 81 | $ | 24 | $ | 157,904 | ||||
Mutual Funds* | 721 | 305 | - | 1,026 | ||||||||
Total noncurrent available-for-sale securities | $ | 721 | $ | 305 | $ | - | $ | 1,026 | ||||
*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet. | ||||||||||||
Schedule Of Contractual Maturities Of Available-For-Sale Debt Securities | ' | |||||||||||
Estimated Fair Value | ||||||||||||
Within one year | $ | 102,724 | ||||||||||
After 1-5 years | 72,537 | |||||||||||
After 5-10 years | - | |||||||||||
Total | $ | 175,261 | ||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule Of Statement Of Stockholders' Equity Activities, Including Noncontrolling Interest | ' | ||||||||||||||||
Cal-Maine Foods, Inc. | |||||||||||||||||
Common Stock | |||||||||||||||||
Class A | Treasury | Paid In | Accum. Other | Retained | Noncontrolling | ||||||||||||
Amount | Amount | Amount | Capital | Comp. Loss | Earnings | Interests | Total | ||||||||||
Balance at June 1, 2013 | $ | 351 | $ | 24 | $ | -20,572 | $ | 39,052 | $ | 166 | $ | 498,711 | $ | 312 | $ | 518,044 | |
Dividends* | - | - | - | - | - | -24,599 | - | -24,599 | |||||||||
Other comprehensive loss, net of tax | - | - | - | - | 199 | - | - | 199 | |||||||||
Grant of restricted stock | - | - | 98 | -98 | - | - | - | - | |||||||||
Purchase of company stock - shares withheld to satisfy withholding obligation in connection with the vesting of restricted stock | - | - | -9 | - | - | - | - | -9 | |||||||||
Proceeds from stock option exercise | - | - | 30 | 88 | - | - | - | 118 | |||||||||
Tax benefit on non-qualifying distribution of incentive stock | - | - | - | 160 | - | - | - | 160 | |||||||||
Restricted stock compensation | - | - | - | 841 | - | - | - | 841 | |||||||||
Net income | - | - | - | - | - | 77,715 | 386 | 78,101 | |||||||||
Balance at March 1, 2014 | $ | 351 | $ | 24 | $ | -20,453 | $ | 40,043 | $ | 365 | $ | 551,827 | $ | 698 | $ | 572,855 | |
* Dividends are calculated as 1/3 of net income after prior period loss (includes adjustment for actual dividends paid based on accrual from previous period). | |||||||||||||||||
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (Delta Egg Farm, LLC [Member], USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 01, 2014 | Mar. 01, 2014 |
Business Acquisition [Line Items] | ' | ' |
Acquisition date | 1-Mar-14 | ' |
Percentage of voting interest acquired | 50.00% | 50.00% |
Purchase price | $17 | ' |
Previous ownership interest of purchase | 50.00% | 50.00% |
Non-recurring, non-cash gain for excess purchase price over carrying value | 4 | ' |
Reduction in tax expense | ' | -1.5 |
Decrease in deferred tax liability | ($3.70) | ($3.70) |
Delta, Utah [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of laying hens | 1,200,000 | ' |
Chase, Kansas [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of laying hens | 400,000 | ' |
Acquisition_Schedule_Of_Purcha
Acquisition (Schedule Of Purchase Price Allocation) (Details) (USD $) | Mar. 01, 2014 | Jun. 01, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $28,298 | $24,417 |
Delta Egg Farm, LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash and cash equivalents | 5,452 | ' |
Investment securities available for sale | 1,973 | ' |
Inventories | 7,033 | ' |
Property, plant and equipment | 24,767 | ' |
Other intangible assets | 929 | ' |
Goodwill | 3,881 | ' |
Other current assets | 2,824 | ' |
Current liabilities | -3,677 | ' |
Long-term debt | -5,301 | ' |
Deferred income taxes | -3,881 | ' |
Total assets and liabilities acquired | $34,000 | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 9 Months Ended | ||
Mar. 01, 2014 | Mar. 02, 2013 | Jun. 01, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock based compensation expense (benefit) | $1,000,000 | $712,000 | ' |
Accounts payable and accrued expenses | 72,266,000 | ' | 71,827,000 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Accounts payable and accrued expenses | 867,000 | ' | 986,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense | $4,800,000 | ' | ' |
Weighted average period of unrecognized compensation expense | '2 years 4 months 24 days | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary Of Restricted Share Activity) (Details) (USD $) | 9 Months Ended |
Mar. 01, 2014 | |
Stock Based Compensation [Abstract] | ' |
Number of Shares, Outstanding, June 1, 2013 | 63,000 |
Number of Shares, Granted | 63,600 |
Number of Shares, Vested | -2,600 |
Number of Shares, Forfeited | -300 |
Number of Shares, Outstanding, March 1, 2014 | 123,700 |
Weighted Average Grant Date Fair Value, Outstanding, June 1, 2013 | $41.08 |
Weighted Average Grant Date Fair Value, Granted | $53.53 |
Weighted Average Grant Date Fair Value, Vested | ($46.35) |
Weighted Average Grant Date Fair Value, Forfeited | ($41.08) |
Weighted Average Grant Date Fair Value, Outstanding, March 1, 2014 | $47.37 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Mar. 01, 2014 | Jun. 01, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Flocks | $89,491 | $83,894 |
Eggs | 12,050 | 13,694 |
Feed and supplies | 47,755 | 50,405 |
Total inventories | $149,296 | $147,993 |
Contingencies_Details
Contingencies (Details) (USD $) | Mar. 01, 2014 |
In Millions, unless otherwise specified | |
Contingencies [Abstract] | ' |
Standby letters of credit | $3 |
Net_Income_Per_Common_Share_Co
Net Income Per Common Share (Computation Of Basic And Diluted Net Income Per Share Attributable To The Company) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Jun. 01, 2013 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Net Income Per Common Share [Abstract] | ' | ' | ' | ' | ' |
Net income attributable to Cal-Maine Foods,Inc. | $42,853 | ($3,833) | $30,551 | $77,715 | $54,256 |
Basic weighted-average common shares | 24,047 | ' | 24,035 | 24,061 | 23,966 |
Restricted shares | 95 | ' | 32 | 74 | 10 |
Common stock options | 20 | ' | 37 | 20 | 37 |
Dilutive potential common shares | 24,162 | ' | 24,104 | 24,155 | 24,013 |
Basic | $1.78 | ' | $1.27 | $3.23 | $2.26 |
Diluted | $1.77 | ' | $1.27 | $3.22 | $2.26 |
Accrued_Dividends_Payable_And_2
Accrued Dividends Payable And Dividends Per Common Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Jun. 01, 2013 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | ' | ' | ' | ' | ' |
Percentage of net income used to compute accrued dividends | ' | ' | ' | 33.33% | ' |
Number of days after first, second and third quarter dividends paid | ' | ' | ' | '60 days | ' |
Number of days after fourth quarter dividends paid | ' | ' | ' | '70 days | ' |
Number of days dividends paid following record date | ' | ' | ' | '15 days | ' |
Net income attributable to Cal-Maine Foods,Inc. | $42,853 | ($3,833) | $30,551 | $77,715 | $54,256 |
Accrued_Dividends_Payable_And_3
Accrued Dividends Payable And Dividends Per Common Share (Schedule Of Dividends Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Jun. 01, 2013 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 | ||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ||||
Net income attributable to Cal-Maine Foods,Inc. | $42,853 | ($3,833) | $30,551 | $77,715 | $54,256 | ||||
Net income available for dividend calculation | 42,853 | ' | 30,551 | 73,882 | 54,256 | ||||
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | 14,284 | ' | 10,184 | 24,627 | 18,085 | ||||
Accrued dividends payable | $14,284 | ' | $10,184 | $14,284 | $10,184 | ||||
Common stock outstanding (shares) | 24,182 | ' | 24,098 | 24,182 | 24,098 | ||||
Dividends per common share | $0.59 | [1] | ' | $0.42 | [1] | $1.02 | [1] | $0.75 | [1] |
Percentage of net income attributable to Cal-Maine Foods, Inc. | ' | ' | ' | 33.33% | ' | ||||
Common Stock [Member] | ' | ' | ' | ' | ' | ||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ||||
Common stock outstanding (shares) | 21,782 | 21,698 | 21,698 | 21,782 | 21,698 | ||||
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ||||
Common stock outstanding (shares) | 2,400 | 2,400 | 2,400 | 2,400 | 2,400 | ||||
[1] | Dividends per common share =/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend C7 Total common stock outstanding (shares) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 01, 2014 |
bu | |
Derivatives, Fair Value [Line Items] | ' |
Derivative, fair value | $910 |
Corn Commodity [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Derivative, fair value | 325 |
Underlying, derivative volume | 2,610,000 |
Soybean Meal Commodity [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Derivative, fair value | $585 |
Underlying, derivative mass | 27,000 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 01, 2014 |
Fair Value Measurements [Abstract] | ' |
(Gains)/Losses recognized in earnings | $2,243 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-Term Debt) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Jun. 01, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, Carrying Value | $63,961 | $65,020 |
Long-term debt, Fair Value | 64,925 | 67,130 |
5.45 - 6.4% Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, Carrying Value | 54,559 | 54,240 |
Long-term debt, Fair Value | 55,518 | 56,237 |
Interest rate, minimum | 5.45% | ' |
Interest rate, maximum | 6.40% | ' |
Series A Senior Secured Notes At 5.45% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, Carrying Value | 8,944 | 10,523 |
Long-term debt, Fair Value | 8,944 | 10,636 |
Interest rate | 5.45% | ' |
Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, Carrying Value | 198 | ' |
Long-term debt, Fair Value | 203 | ' |
Notes Payable-Texas Egg Products, LLC [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, Carrying Value | 260 | 257 |
Long-term debt, Fair Value | $260 | $257 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 01, 2014 | Jun. 01, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | $176,667 | ' | ||
Commodity contracts | 910 | ' | ||
Total assets measured at fair value | 177,577 | 158,930 | ||
Contingent consideration | 868 | 1,250 | ||
Total liabilities measured at fair value | 868 | 1,250 | ||
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 1,406 | ' | ||
Commodity contracts | ' | ' | ||
Total assets measured at fair value | 1,406 | 1,026 | ||
Contingent consideration | ' | ' | ||
Total liabilities measured at fair value | ' | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 175,261 | ' | ||
Commodity contracts | 910 | ' | ||
Total assets measured at fair value | 176,171 | 157,904 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Commodity contracts | ' | ' | ||
Total assets measured at fair value | ' | ' | ||
Contingent consideration | 868 | 1,250 | ||
Total liabilities measured at fair value | 868 | 1,250 | ||
State Municipal Bonds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 69,488 | 61,195 | ||
State Municipal Bonds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
State Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 69,488 | 61,195 | ||
State Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
US Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 4,060 | 12,377 | ||
US Government Obligations [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
US Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 4,060 | 12,377 | ||
US Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Corporate Bonds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 82,358 | 64,383 | ||
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 82,358 | 64,383 | ||
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Commercial Paper [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 9,697 | ' | ||
Commercial Paper [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 9,697 | ' | ||
Commercial Paper [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Certificates Of Deposit [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 1,838 | 12,285 | ||
Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 1,838 | 12,285 | ||
Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Government Agency Bonds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 5,820 | 7,664 | ||
Government Agency Bonds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Government Agency Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 5,820 | 7,664 | ||
Government Agency Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | ' | ||
Variable Rate Demand Notes [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 2,000 | [1] | ' | |
Variable Rate Demand Notes [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | [1] | ' | |
Variable Rate Demand Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 2,000 | [1] | ' | |
Variable Rate Demand Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | [1] | ' | |
Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 1,406 | [1] | 1,026 | [1] |
Mutual Funds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | 1,406 | [1] | 1,026 | [1] |
Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investment securities available-for-sale | ' | [1] | ' | [1] |
[1] | The mutual funds are classified as long term and are a part of bother investmentsb in the Condensed Consolidated Balance Sheet. |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Fair Value Of Contingent Consideration) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 01, 2014 |
Fair Value Measurements [Abstract] | ' |
Balance at June 1, 2013 | $1,250 |
Liabilities recognized at acquisition date | ' |
(Gains)/Losses recognized in earnings | 2,243 |
Actual payments made | -2,625 |
Balance at March 1, 2014 | $868 |
AvailableForSale_Securities_Na
Available-For-Sale Securities (Narrative) (Details) (USD $) | 9 Months Ended | |
Mar. 01, 2014 | Mar. 02, 2013 | |
Available-For-Sale Securities [Abstract] | ' | ' |
Proceeds from sale of available-for-sale securities | $91,400,000 | $177,400,000 |
Gross realized gains on sales of available-for-sale securities | 7,000,000 | 0 |
Gross realized losses on sales of available-for-sale securities | 2,000,000 | 31,000,000 |
Unrealized holding gains (losses) net of tax on available-for-sale securities | $199,000,000 | $233,000,000 |
AvailableForSale_Securities_Sc
Available-For-Sale Securities (Schedule Of Available-For-Sale Securities Classified As Current Assets) (Details) (USD $) | Mar. 01, 2014 | Jun. 01, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | $176,667 | ' | ||
Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 174,987 | 157,847 | ||
Gains in Accumulated Other Comprehensive Income | 274 | 81 | ||
Losses in Accumulated Other Comprehensive Income | ' | 24 | ||
Estimated Fair Value | 175,261 | 157,904 | ||
Noncurrent Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 993 | 721 | ||
Gains in Accumulated Other Comprehensive Income | 413 | 305 | ||
Estimated Fair Value | 1,406 | 1,026 | ||
State Municipal Bonds [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 69,328 | 61,124 | ||
Gains in Accumulated Other Comprehensive Income | 160 | 71 | ||
Estimated Fair Value | 69,488 | 61,195 | ||
US Government Obligations [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 4,057 | 12,378 | ||
Gains in Accumulated Other Comprehensive Income | 3 | ' | ||
Losses in Accumulated Other Comprehensive Income | ' | 1 | ||
Estimated Fair Value | 4,060 | 12,377 | ||
Corporate Bonds [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 82,255 | 64,406 | ||
Gains in Accumulated Other Comprehensive Income | 103 | ' | ||
Losses in Accumulated Other Comprehensive Income | ' | 23 | ||
Estimated Fair Value | 82,358 | 64,383 | ||
Commercial Paper [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 9,696 | ' | ||
Gains in Accumulated Other Comprehensive Income | 1 | ' | ||
Estimated Fair Value | 9,697 | ' | ||
Certificates Of Deposit [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 1,837 | 12,280 | ||
Gains in Accumulated Other Comprehensive Income | 1 | 5 | ||
Estimated Fair Value | 1,838 | 12,285 | ||
Variable Rate Demand Notes [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,000 | ' | ||
Estimated Fair Value | 2,000 | ' | ||
Government Agency Bonds [Member] | Current Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 5,814 | 7,659 | ||
Gains in Accumulated Other Comprehensive Income | 6 | 5 | ||
Estimated Fair Value | 5,820 | 7,664 | ||
Mutual Funds [Member] | Noncurrent Assets [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 993 | [1] | 721 | [1] |
Gains in Accumulated Other Comprehensive Income | 413 | [1] | 305 | [1] |
Estimated Fair Value | $1,406 | [1] | $1,026 | [1] |
[1] | The mutual funds are classified as long term and are a part of bother investmentsb in the Condensed Consolidated Balance Sheet. |
AvailableForSale_Securities_Sc1
Available-For-Sale Securities (Schedule Of Contractual Maturities Of Available-For-Sale Debt Securities) (Details) (USD $) | Mar. 01, 2014 |
In Thousands, unless otherwise specified | |
Available-For-Sale Securities [Abstract] | ' |
Within one year | $102,724 |
After 1-5 years | 72,537 |
After 5-10 years | ' |
Total | $175,261 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 01, 2014 | Mar. 01, 2014 | Mar. 01, 2014 | Mar. 01, 2014 | Mar. 01, 2014 | Jun. 01, 2013 | Mar. 01, 2014 | Jun. 01, 2013 | ||
Treasury Amount [Member] | Paid In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | Common Stock [Member] | Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||||||
Schedule of Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at June 1, 2013 | ' | ' | $518,044 | ' | ($20,572) | $39,052 | $166 | $498,711 | $312 | $351 | $351 | $24 | $24 | ||
Dividends | ' | ' | -24,599 | [1] | ' | ' | ' | ' | -24,599 | [1] | ' | ' | ' | ' | ' |
Other comprehensive loss, net of tax | 60 | 96 | 199 | 233 | ' | ' | 199 | ' | ' | ' | ' | ' | ' | ||
Grant of restricted stock | ' | ' | ' | ' | 98 | -98 | ' | ' | ' | ' | ' | ' | ' | ||
Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock | ' | ' | -9 | ' | -9 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from stock option exercise | ' | ' | 118 | ' | 30 | 88 | ' | ' | ' | ' | ' | ' | ' | ||
Tax benefit on nonqualifying disposition of incentive stock options | ' | ' | 160 | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' | ||
Restricted stock compensation expense | ' | ' | 841 | ' | ' | 841 | ' | ' | ' | ' | ' | ' | ' | ||
Net income | 42,956 | 30,547 | 78,101 | 54,397 | ' | ' | ' | 77,715 | 386 | ' | ' | ' | ' | ||
Balance at November 30, 2013 | $572,855 | ' | $572,855 | ' | ($20,453) | $40,043 | $365 | $551,827 | $698 | $351 | $351 | $24 | $24 | ||
Percentage of net income used to compute accrued dividends | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Dividends are calculated as 1/3 of net income after prior period loss (includes adjustment for actual dividends paid based on accrual from previous period). |