Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May 29, 2021 | Jul. 19, 2021 | Nov. 28, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | May 29, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-38695 | ||
Entity Registrant Name | CAL-MAINE FOODS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 64-0500378 | ||
Entity Address, Address Line One | 1052 Highland Colony Pkwy, Suite 200 | ||
Entity Address, City or Town | Ridgeland | ||
Entity Address, State or Province | MS | ||
Entity Address, Postal Zip Code | 39157 | ||
City Area Code | 601 | ||
Local Phone Number | 948-6813 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | CALM | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,512,923,967 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE The information called for its 2021 year covered by this report. | ||
Current Fiscal Year End Date | --05-29 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000016160 | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 44,058,463 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 57,352 | $ 78,130 |
Investment securities available-for-sale | 112,158 | 154,163 |
Receivables: | ||
Trade receivables, net | 79,066 | 84,976 |
Income tax receivable | 42,516 | 9,884 |
Other | 5,057 | 3,515 |
Total receivables | 126,639 | 98,375 |
Inventories | 218,375 | 187,216 |
Prepaid expenses and other current assets | 5,407 | 4,367 |
Total current assets | 519,931 | 522,251 |
Property, plant & equipment, net | 589,417 | 557,375 |
Finance lease right-of-use asset, net | 525 | 678 |
Operating lease right-of-use asset, net | 1,724 | 2,531 |
Investments in unconsolidated entities | 54,941 | 60,982 |
Goodwill | 35,525 | 35,525 |
Intangible assets, net | 20,341 | 22,816 |
Other long-term assets | 6,770 | 4,536 |
Total assets | 1,229,174 | 1,206,694 |
Current liabilities: | ||
Trade accounts payable | 52,784 | 55,904 |
Accrued wages and benefits | 23,812 | 23,277 |
Accrued expenses and other liabilities | 12,595 | 13,001 |
Current portion of finance lease obligation | 215 | 205 |
Current portion of operating lease obligation | 691 | 796 |
Total current liabilities | 90,097 | 93,183 |
Long-term finance lease obligation | 438 | 652 |
Long-term operating lease obligation | 1,034 | 1,735 |
Other noncurrent liabilities | 10,416 | 8,681 |
Deferred income taxes | 114,408 | 92,768 |
Total liabilities | 216,393 | 197,019 |
Commitments and contingencies - see Note 18 | ||
Stockholders' equity: | ||
Paid-in capital | 64,044 | 60,372 |
Retained earnings | 975,977 | 975,147 |
Accumulated other comprehensive income (loss), net of tax | (558) | 79 |
Common stock in treasury, at cost - 26,202 and 26,287 shares in 2021 and 2020, respectively | (27,433) | (26,674) |
Total stockholders' equity | 1,012,781 | 1,009,675 |
Total liabilities and stockholders' equity | 1,229,174 | 1,206,694 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 703 | 703 |
Class A Convertible Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 48 | $ 48 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | May 29, 2021 | May 30, 2020 |
Common stock in treasury (in shares) | 26,202 | 26,287 |
Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000 | 120,000 |
Common stock, shares issued (in shares) | 70,261 | 70,261 |
Class A Convertible Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,800 | 4,800 |
Common stock, shares issued (in shares) | 4,800 | 4,800 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,348,987 | $ 1,351,609 | $ 1,361,188 |
Cost of sales | 1,188,326 | 1,172,021 | 1,138,329 |
Gross profit | 160,661 | 179,588 | 222,859 |
Selling, general and administrative | 183,943 | 178,237 | 177,045 |
Loss on disposal of fixed assets | 2,982 | 82 | 33 |
Operating income (loss) | (26,264) | 1,269 | 45,781 |
Other income (expense): | |||
Interest expense | (213) | (498) | (644) |
Interest income | 2,828 | 4,962 | 7,978 |
Patronage dividends | 9,004 | 10,096 | 10,482 |
Equity in income of unconsolidated entities | 622 | 534 | 4,776 |
Other, net | 4,074 | 3,696 | 2,432 |
Total other income | 16,315 | 18,790 | 25,024 |
Income (loss) before income taxes | (9,949) | 20,059 | 70,805 |
Income tax expense (benefit) | (12,009) | 1,731 | 15,743 |
Net income | 2,060 | 18,328 | 55,062 |
Less: Net income (loss) attributable to noncontrolling interest | 0 | (63) | 833 |
Net income attributable to Cal-Maine Foods, Inc. | $ 2,060 | $ 18,391 | $ 54,229 |
Net income per share attributable to Cal-Maine Foods, Inc.: | |||
Basic (in dollars per share) | $ 0.04 | $ 0.38 | $ 1.12 |
Diluted (in dollars per share) | $ 0.04 | $ 0.38 | $ 1.12 |
Weighted average shares outstanding: | |||
Basic (in shares) | 48,522 | 48,467 | 48,467 |
Diluted (in shares) | 48,656 | 48,584 | 48,589 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,060 | $ 18,328 | $ 55,062 |
Other comprehensive income (loss), before tax: | |||
Unrealized holding gain (loss) available-for-sale securities, net of reclassification adjustments | (736) | 59 | 1,719 |
Increase in accumulated post-retirement benefits obligation, net of reclassification adjustments | (137) | (445) | (349) |
Other comprehensive income (loss), before tax | (873) | (386) | 1,370 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | (236) | (110) | 322 |
Other comprehensive income (loss), net of tax | (637) | (276) | 1,048 |
Comprehensive income | 1,423 | 18,052 | 56,110 |
Less: comprehensive income (loss) attributable to the noncontrolling interest | 0 | (63) | 833 |
Comprehensive income attributable to Cal-Maine Foods, Inc. | $ 1,423 | $ 18,115 | $ 55,277 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Impact of ASC 326 [Member] | Adjusted Balance [Member] | Common Stock [Member] | Common Stock [Member]Adjusted Balance [Member] | Treasury Stock [Member] | Treasury Stock [Member]Adjusted Balance [Member] | Paid In Capital [Member] | Paid In Capital [Member]Adjusted Balance [Member] | Retained Earnings [Member] | Retained Earnings [Member]Impact of ASC 326 [Member] | Retained Earnings [Member]Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Adjusted Balance [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Adjusted Balance [Member] | Class A [Member]Common Stock [Member] | Class A [Member]Common Stock [Member]Adjusted Balance [Member] |
Balance at Jun. 02, 2018 | $ 955,682 | $ 703 | $ (24,966) | $ 53,323 | $ 924,918 | $ (693) | $ 2,349 | $ 48 | ||||||||||
Balance (in shares) at Jun. 02, 2018 | 70,261 | |||||||||||||||||
Balance (in shares) at Jun. 02, 2018 | 26,430 | 4,800 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock compensation plan transactions | (2,570) | $ 900 | (3,534) | |||||||||||||||
Stock compensation plan transactions (in shares) | (64) | |||||||||||||||||
Dividends | (24,620) | (24,620) | ||||||||||||||||
Net income | 55,062 | 54,229 | 833 | |||||||||||||||
Other comprehensive income (loss), net of tax | 1,048 | 1,048 | ||||||||||||||||
Balance at Jun. 01, 2019 | 989,806 | $ 703 | $ (25,866) | 56,857 | 954,527 | 355 | 3,182 | $ 48 | ||||||||||
Balance (in shares) at Jun. 01, 2019 | 70,261 | |||||||||||||||||
Balance (in shares) at Jun. 01, 2019 | 26,366 | 4,800 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock compensation plan transactions | 2,628 | $ (808) | 3,515 | |||||||||||||||
Stock compensation plan transactions (in shares) | (79) | |||||||||||||||||
Distributions to noncontrolling interest partners | (755) | (755) | ||||||||||||||||
Acquisition of noncontrolling interest in Texas Egg Products, LLC | (135) | 2,229 | (2,364) | |||||||||||||||
Net income | 18,328 | 18,391 | (63) | |||||||||||||||
Other comprehensive income (loss), net of tax | (276) | (276) | ||||||||||||||||
Balance at May. 30, 2020 | 1,009,675 | $ 422 | $ 1,010,097 | $ 703 | $ 703 | $ (26,674) | $ (26,674) | 60,372 | $ 60,372 | 975,147 | $ 422 | $ 975,569 | 79 | $ 79 | 0 | $ 0 | $ 48 | $ 48 |
Balance (in shares) at May. 30, 2020 | 70,261 | 70,261 | ||||||||||||||||
Balance (in shares) at May. 30, 2020 | 26,287 | 26,287 | 4,800 | 4,800 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock compensation plan transactions | 2,823 | $ (759) | 3,667 | |||||||||||||||
Stock compensation plan transactions (in shares) | (85) | |||||||||||||||||
Dividends | (1,652) | (1,652) | ||||||||||||||||
Contributions | 5 | 5 | ||||||||||||||||
Net income | 2,060 | 2,060 | 0 | |||||||||||||||
Other comprehensive income (loss), net of tax | (637) | (637) | ||||||||||||||||
Balance at May. 29, 2021 | $ 1,012,781 | $ 703 | $ (27,433) | $ 64,044 | $ 975,977 | $ (558) | $ 0 | $ 48 | ||||||||||
Balance (in shares) at May. 29, 2021 | 70,261 | |||||||||||||||||
Balance (in shares) at May. 29, 2021 | 26,202 | 4,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 2,060 | $ 18,328 | $ 55,062 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 59,477 | 58,103 | 54,650 |
Deferred income taxes | 22,351 | 10,281 | 6,123 |
Equity in income of affiliates | (622) | (534) | (4,776) |
Loss on disposal of property, plant and equipment | 2,982 | 82 | 33 |
Impairment loss on fixed assets | 196 | 2,919 | 0 |
Stock compensation expense, net of amounts paid | 3,778 | 3,617 | 3,619 |
Unrealized losses on investments | 1,810 | 744 | 0 |
Gains on sales of investments | (22) | (611) | 0 |
Purchases of equity securities | (334) | (275) | 0 |
Sales of equity securities | 55 | 1,212 | 0 |
Amortization of investments | 890 | 316 | 962 |
Other | (427) | (248) | 23 |
Change in operating assets and liabilities, net of effects from acquisitions: | |||
(Increase) decrease in receivables and other assets | (33,487) | (28,300) | 16,012 |
Increase in inventories | (31,159) | (9,704) | (2,285) |
(Increase) decrease in accounts payable, accrued expenses and other liabilities | (1,412) | 17,679 | (14,338) |
Net cash provided by operating activities | 26,136 | 73,609 | 115,085 |
Cash flows from investing activities: | |||
Purchases of investments | (88,283) | (107,234) | (176,951) |
Sales of investments | 129,108 | 204,277 | 209,806 |
Acquisition of businesses, net of cash acquired | 0 | (44,650) | (17,889) |
Investment in unconsolidated entities | 0 | 0 | (4,273) |
Distributions from unconsolidated entities | 6,663 | 7,114 | 7,904 |
Purchases of property, plant and equipment | (95,069) | (124,178) | (67,989) |
Net proceeds from disposal of property, plant and equipment | 3,390 | 3,306 | 1,575 |
Net cash used in investing activities | (44,191) | (61,365) | (47,817) |
Cash flows from financing activities: | |||
Principal payments on long-term debt | 0 | (1,500) | (3,754) |
Principal payments on finance lease | (205) | (196) | 0 |
Distributions to noncontrolling interest partners | 0 | (755) | 0 |
Purchase of common stock by treasury | (871) | (910) | (985) |
Contributions | 5 | 0 | 0 |
Payments of dividends | (1,652) | 0 | (41,713) |
Net cash used in financing activities | (2,723) | (3,361) | (46,452) |
Increase (decrease) in cash and cash equivalents | (20,778) | 8,883 | 20,816 |
Cash and cash equivalents at beginning of year | 78,130 | 69,247 | 48,431 |
Cash and cash equivalents at end of year | 57,352 | 78,130 | 69,247 |
Supplemental information: | |||
Cash paid for operating leases | 929 | 871 | 0 |
Income taxes paid (refunds received) | (1,618) | (8,443) | 36,312 |
Interest paid | $ 508 | $ 498 | $ 644 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
May 29, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Nature of Operations Cal-Maine Foods, fresh in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States. Principles of Consolidation The consolidated over which we exercise control. All significant intercompany transactions and accounts have been eliminated in consolidation. Fiscal Year The Company’s fiscal year-end is on the Saturday closest to May 31. Each of May 29, 2021 , May 30, 2020, and June 1, 2019, included 52 Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing COVID-19 and may change materially in future periods. Cash Equivalents The equivalents. Company Company has not experienced any loss in such other highly liquid investments in high quality financial institutions. We cash, concentration accounts to which Checks issued, accounts $ 7.5 11.2 Investment Securities Our investment 320”). The Company considers on the Company's ability to sell within the next 12 months, as available-for-sale. We classify these securities as current, because the amounts invested gains and losses of its for credit losses, limited losses on available-for-sale income (expenses) as as “Other long-term assets” in the Company’s Consolidated Balance Sheets. Trade Receivables Trade 2020, reserves for credit losses were $ 795 744 based Company minimizes procedures. In expected loss based May 29, 2021 and May 30, 2020 one customer accounted for approximately 23.8 % and 29.5 % of the Company’s trade accounts receivable, respectively. Inventories Inventories of value. The accumulated during a growing period of approximately 22 lives of the flocks, generally one two years . Flock mortality is charged to cost of sales as incurred. The information is not utilized by management in the operation of the Company. Property, Plant and Equipment Property, plant lives, which 15 25 3 12 maintenance are expensed property, depreciation are removed from the incurred on funds used to the asset’s estimated useful life. Leases The Company determines finance lease. We recognize the right to use an underlying asset for sheet. A lease liability is liabilities are included in our Consolidated Balance Sheet Current portion of Long-term operating lease obligation. The Company records ROU assets and lease obligations based on of the lease. When the rate implicit in the lease is calculate the present value of 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. Investments in Unconsolidated Entities The equity method of exercises significant influence by the Company’s share of undistributed earnings or losses of these entities. Nonmarketable investments in which the Company has less than recorded at cost, and periodically reviewed for impairment. Goodwill Goodwill evaluated for impairment annually by first performing a qualitative assessment to determine whether a is necessary. After of a reporting unit any impairment. Intangible Assets Included in other intangible assets are non-compete agreements and customer 5 15 years. The amortized and the asset is no longer in use or the contract has expired. Accrued Self Insurance We use workers’ compensation, part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions. Treasury Stock Treasury stock treasury issuance of based compensation plans are credited or charged to paid-in capital in excess of par value using the average-cost method. Revenue Recognition and Delivery Costs Revenue recognition is completed days of Note 14 policy. The Company believes the performance to deliver product Statements estimated returns sale using historical trends based on actual sales returns and sales. Advertising Costs The Company expensed 11.7 6.0 7.3 2019, respectively. Income Taxes Income taxes are provided using the between purposes. The Company’s policy with respect to evaluating uncertain it is must outcomes Company will interest on the portion of the tax benefit not recognized. The Company tax benefit relevant information. Based impact on the Company’s consolidated financial statements. Stock Based Compensation We account for share-based compensation in accordance with 718 performance-based shares, to be recognized in the statement of income based on their fair values. ASC 718 requires the benefits of Note Compensation Plans Business Combinations The acquisitions. These recurring methodology for non-financial believes is the market value for those assets. Loss Contingencies Certain conditions may exist as of the date will only be resolved assess contingencies related proceedings, the Company’s as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment can be estimated, potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent disclosed. Loss nature of the guarantee would be disclosed. The Company expenses the costs of litigation as they are incurred. New Accounting Pronouncements and Policies Effective intended instruments held by financial institutions and other organizations. The guidance replaces the prior “incurred loss” approach with an “expected based on historical experience, on a modified retrospective basis through adoption. The Company evaluated its current methodology of estimating allowance for doubtful accounts and the risk profile its receivables portfolio and developed a under the amended guidance. The Company finalized 422 thousand cumulative increase to retained earnings at May 31, 2020. No other new accounting on our Consolidated Financial Statements. Reclassification Certain presentation. These reclassifications had no effect on income. |
Acquisitions
Acquisitions | 12 Months Ended |
May 29, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – Acquisitions Effective on October 20, 2019, the Company acquired certain shell 45.5 capacity for 3.9 8.0 raising facilities located in Company 21.1 % 93.2 %. 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. The following table summarizes the 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 Effective 6.8 % interest owned subsidiary TEP for $ 135 |
Investment Securities
Investment Securities | 12 Months Ended |
May 29, 2021 | |
Investments Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The following presents the Company’s investment securities as of May 29, 2021 and May 30, 2020 (in thousands): May 29, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,424 $ 56 $ — $ 16,480 Commercial paper 1,998 — — 1,998 Corporate bonds 80,092 608 — 80,700 Certificates of deposits 1,077 — 1 1,076 Asset backed securities 11,914 — 10 11,904 Total current investment securities $ 111,505 $ 664 $ 11 $ 112,158 Mutual funds $ 2,306 $ 1,810 $ — $ 4,116 Total noncurrent investment securities $ 2,306 $ 1,810 $ — $ 4,116 May 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,093 $ 86 $ — $ 16,179 Commercial paper 6,965 17 — 6,982 Corporate bonds 125,594 1,274 — 126,868 Certificates of deposits 1,492 — — 1,492 Asset backed securities 2,629 13 — 2,642 Total current investment securities $ 152,773 $ 1,390 $ — $ 154,163 Mutual funds $ 2,005 $ 744 $ — $ 2,749 Total noncurrent investment securities $ 2,005 $ 744 $ — $ 2,749 Available-for-sale Proceeds from 129.1 204.3 209.7 during fiscal 2021, 2020, and 2019, respectively. Gross realized gains for 456 278 thousand, and $ 9 19 6 and $ 33 no Actual maturities may or thousands): Estimated Fair Value Within one year $ 33,899 1-5 years 78,259 Total $ 112,158 Noncurrent Proceeds from sales 54 1.2 84 fiscal 2021, $ 611 48 no |
Fair Value Measures
Fair Value Measures | 12 Months Ended |
May 29, 2021 | |
Fair Value Measures [Abstract] | |
Fair Value Measures | Note 4 - Fair Value Measures The Company hierarchy. The knowledgeable, and willing parties able to engage in the be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount the liability with the creditor. ● Level 1 ● Level 2 directly or indirectly, including: o Quoted prices for similar assets or liabilities in active markets o Quoted prices for identical or similar assets in non-active markets o Inputs other than quoted prices that are observable for the asset or liability o Inputs derived principally from or corroborated by other observable market data ● Level 3 to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities recorded at cost are as follows: Cash and cash equivalents, accounts receivable, and accounts payable: short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair Value In accordance with the fair value hierarchy liabilities that are required to May 29, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,480 $ — $ 16,480 Commercial paper — 1,998 — 1,998 Corporate bonds — 80,700 — 80,700 Certificates of deposits — 1,076 — 1,076 Asset backed securities — 11,904 — 11,904 Mutual funds 4,116 — — 4,116 Total assets measured at fair value $ 4,116 $ 112,158 $ — $ 116,274 May 30, 2020 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,179 $ — $ 16,179 Commercial paper — 6,982 — 6,982 Corporate bonds — 126,868 — 126,868 Certificates of deposits — 1,492 — 1,492 Asset backed securities — 2,642 — 2,642 Mutual funds 2,749 — — 2,749 Total assets measured at fair value $ 2,749 $ 154,163 $ — $ 156,912 Our investment securities – available-for-sale classified as Level 2 consist of securities with maturities when Observable inputs for these securities are yields, credit risks, default rates, and volatility. |
Inventories
Inventories | 12 Months Ended |
May 29, 2021 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories Inventories consisted of the following (in thousands): May 29, 2021 May 30, 2020 Flocks, net of amortization $ 123,860 $ 110,198 Eggs and egg products 21,084 18,487 Feed and supplies 73,431 58,531 $ 218,375 $ 187,216 We grow and maintain flocks of layers (mature female chickens), pullets (female chickens under 18 weeks of age), and breeders (male and consisted of approximately 10.8 37.8 The Company expensed amortization and mortality associated with the flocks to cost of sales as follows (in thousands): May 29, 2021 May 30, 2020 June 1, 2019 Amortization $ 133,448 $ 133,379 $ 119,658 Mortality 6,769 5,823 5,161 Total flock costs charged to cost of sales $ 140,217 $ 139,202 $ 124,819 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
May 29, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6 - Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): May 29, 2021 May 30, 2020 Land and improvements $ 101,174 $ 91,865 Buildings and improvements 454,332 393,195 Machinery and equipment 584,778 531,545 Construction-in-progress 72,879 126,061 1,213,163 1,142,666 Less: accumulated depreciation 623,746 585,291 $ 589,417 $ 557,375 Depreciation expense was $ 56.5 54.5 51.7 and June 1, 2019, respectively. The Company fires. Insurance recoveries received assets, clean-up and demolition all contingencies associated with recorded within “Cost of assets.” property damage during the consolidated financial statements. Included in cost 196 2.9 respectively, new facilities to meet the increasing demand for specialty eggs and to reduce production costs. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
May 29, 2021 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Note 7 - Investment in Unconsolidated Entities At May 29, 2021, of accounting. Red River Valley Texas. Specialty Eggs, well as a portion of western North Carolina and eastern Alabama. Southwest Specialty Eggs, LLC owns the May 29, 50 % in are $ 49.9 54.7 Equity 622 534 4.8 included in the Consolidated Statements of Income for fiscal 2021, 2020, and 2019, respectively. The condensed For the fiscal year ended May 29, 2021 May 30, 2020 June 1, 2019 Net sales $ 119,853 $ 188,922 $ 112,396 Net income 1,596 1,064 9,490 Total assets 106,592 113,513 128,470 Total liabilities 5,850 4,655 7,600 Total equity 100,742 108,858 120,870 The “Investments Company’s investment in operating and financial activities; of this investment at May 29, 2021 and May 30, 2020 was $ 768 2.0 The following relates to the Company’s transactions with these unconsolidated affiliates (in thousands): For the fiscal year ended May 29, 2021 May 30, 2020 June 1, 2019 Sales to unconsolidated entities $ 56,765 $ 54,559 $ 58,093 Purchases from unconsolidated entities 76,059 71,475 81,685 Distributions from unconsolidated entities 6,663 7,114 7,904 May 29, 2021 May 30, 2020 Accounts receivable from unconsolidated entities 2,404 $ 4,935 Accounts payable to unconsolidated entities 4,161 5,706 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
May 29, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 8 - Goodwill and Other Intangible Assets Goodwill and other intangibles consisted of the following (in thousands): Other Intangibles Franchise Customer Non-compete Right of Water Total Goodwill rights relationships agreements Use rights Trademark intangibles Balance June 1, 2019 $ 35,525 $ 19,955 $ 2,504 $ 297 $ — $ 720 $ 286 $ 59,287 Additions — — 1,000 1,000 — — — 2,000 Amortization — (1,628) (1,150) (118) — — (50) (2,946) Balance May 30, 2020 35,525 18,327 2,354 1,179 — 720 236 58,341 Additions — — — — 39 — — 39 Amortization — (1,628) (666) (160) (10) — (50) (2,514) Balance May 29, 2021 $ 35,525 $ 16,699 $ 1,688 $ 1,019 $ 29 $ 720 $ 186 $ 55,866 For the Other Intangibles listed above, the gross carrying amounts and accumulated amortization are as follows (in thousands): May 29, 2021 May 30, 2020 Gross carrying Accumulated Gross carrying Accumulated amount amortization amount amortization Other intangible assets: Franchise rights $ 29,284 $ (12,585) $ 29,284 $ (10,957) Customer relationships 9,644 (7,956) 20,544 (18,190) Non-compete agreements 1,450 (431) 1,450 (271) Right of use intangible 229 (200) 191 (191) Water rights * 720 — 720 — Trademark 400 (214) 400 (164) Total $ 41,727 $ (21,386) $ 52,589 $ (29,773) * Water rights are an indefinite life intangible asset. No significant residual value and 2019 totaled $ 2.5 2.9 2.8 The following table presents the total estimated amortization of intangible assets for the five succeeding years (in thousands): For fiscal year Estimated amortization expense 2022 $ 2,220 2023 2,206 2024 2,170 2025 2,040 2026 2,015 Thereafter 8,970 Total $ 19,621 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
May 29, 2021 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 9 - Employee Benefit Plans The Company maintains a medical plan that is qualified under Section 401(a) of the Internal Revenue Code and is not subject to tax under present income tax laws. The plan is Company insurance 225,000 incurred but not reported claims were approximately $ 21.7 17.8 . million, and $ 18.1 and 2019, respectively. 2.4 1.7 29, 2021 and May 30, 2020, respectively. The Company has Plan at a rate of 3 % of participants' eligible compensation, Directors. Contributions contributions to the Plan were 3.8 3.7 no t make direct contributions of common stock are paid by using stock on the NASDAQ to pay benefits to Plan participants. Participants may make contributions to the Plan up allowed by the Internal Revenue Service regulations. The Company does not match participant contributions. The beginning when the officers reach age 65 upon deferred agreements 170 150 129 liability recorded related to these agreements was $ 1.4 In December 2006, the Company adopted an additional deferred compensation plan to provide deferred compensation to named officers of 279 266 267 2021, 2020, and 2019, respectively. Payments made under the plan were $ 55 1.2 respectively. The 4.1 2.7 respectively. Deferred compensation expense for both plans totaled $ 1.6 621 377 2019, respectively. Postretirement Medical Plan The Company maintains employees and which spouses, who retired prior to or after May 1, 2012 must participate in Medicare Plans A, B, and D. The plan is recognizes the funded status status in the year the change occurs through comprehensive income. Additionally, this expense is recognized on an accrual basis over the employees’ approximate period of employment. 3.4 and May 30, 2020. The remaining disclosures associated with ASC 715 are immaterial to the Company’s financial statements. |
Credit Facility
Credit Facility | 12 Months Ended |
May 29, 2021 | |
Credit Facility [Abstract] | |
Credit Facility | Note 10 - Credit Facility For fiscal years 2021, 2020 and 2019, interest was $ 213 498 644 On July 10, 2018, 100.0 with five -year Company, $ 125.0 No $ 4.1 The interest rate is based, at the Company’s plus the Applicable Margin. The interbank market for “Base Rate” means 0.5 % per annum, prime rate of interest established 1.00 % per annum, subject to certain interest rate floors. The “Applicable Margin” means 0 % to 0.75 % per annum for Base Rate Loans and 1.00 % to 1.75 % per annum for Eurodollar Rate Loans, in each case depending upon the average outstanding balance at the quarterly pricing date. The Company will pay a commitment fee of 0.2 % on the unused portion of the facility. The Revolving Credit Facility is guaranteed by all the current and future wholly-owned direct and of guarantors’ accounts, products) and deposit accounts maintained with the administrative agent. The credit agreement for the Revolving Credit Facility contains customary covenants, including liens, and additional maintenance of two 2.00 expenditures of $ 150.0 sons-in-law or grandchildren, foregoing, or any family limited partnership, similar limited liability company or such entity is held by 50 % of the Company’s these Company’s Company is allowed to 75.0 agreement and the Company has availability of at least $ 20.0 The credit agreement occurrence of an event of default, including acceleration of the amounts due and foreclosure of the collateral. At May 29, 2021, we were in compliance with the covenant requirements of the Revolving Credit Facility. |
Accrued Dividends Payable And D
Accrued Dividends Payable And Dividends per Common Share | 12 Months Ended |
May 29, 2021 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Accrued Dividends Payable And Dividends Per Common Share | Note 11 - Accrued Dividends Payable and Dividends per Common Share We accrue dividends at pays a dividend to shareholders the Company reports net income attributable to Cal-Maine Foods, to one-third ( 1/3 ) of such quarterly income. 60 th day following the last of such quarter, except for the fourth on the 65 th day after the 15 th day following the which the Company does not report net income attributable subsequent profitable quarter until which a dividend was $ 4.2 On our 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 52 Weeks Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Net income (loss) attributable to Cal-Maine Foods, Inc. $ (4,244) $ 60,463 $ 2,060 $ 18,391 Cumulative losses to be recovered prior to payment of divided at beginning of period — (61,833) (1,370) (19,761) Net income attributable to Cal-Maine Foods, Inc. available for dividend $ — $ — $ — $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend $ — Common stock outstanding (shares) 44,058 Class A common stock outstanding (shares) 4,800 Total common stock outstanding (shares) 48,858 Dividends per common share* $ — $ — $ 0.034 $ — *Dividends per 1/3 common stock outstanding (shares). |
Equity
Equity | 12 Months Ended |
May 29, 2021 | |
Equity [Abstract] | |
Equity | Note 12 - Equity The Company has two or the Company's submitted to a one Stock entitled to ten Stock and Class in stock, Stock) as the holders of dissolution, or winding-up of the Company, the holders A Common Class subdivided unless declared and paid on Class A Common Stock dividend is declared and paid to Common Stock concurrently. Each share of one The (“Immediate Family Members”) and arrangements and Stock, with ten one Transferees”). companies that must have a relationship, specifically Member. convert into Common Stock with one which all 4,300,000 shares of Transferees, or (b) if less than 4,600,000 owned by Immediate Family Members and/or Permitted Transferees. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
May 29, 2021 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 13 - Net Income per Common Share Basic net income per share attributable Common Stock common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards. The following table provides per common share attributable to Cal-Maine Foods, Inc. (amounts in thousands, except per share data): May 29, 2021 May 30, 2020 June 1, 2019 Numerator Net income $ 2,060 $ 18,328 $ 55,062 Less: Net income (loss) attributable to noncontrolling interest — (63) 833 Net income attributable to Cal-Maine Foods, Inc. $ 2,060 $ 18,391 $ 54,229 Denominator Weighted-average common shares outstanding, basic 48,522 48,467 48,467 Effect of dilutive securities of restricted shares 134 117 122 Weighted-average common shares outstanding, diluted 48,656 48,584 48,589 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.04 $ 0.38 $ 1.12 Diluted $ 0.04 $ 0.38 $ 1.12 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
May 29, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 14 - Revenue Recognition Satisfaction of Performance Obligation The vast majority of the Company’s revenue is derived from agreements with customers based on the customer placing an order for products. Pricing for establishes the contract for that order. Revenues are shell eggs The Company’s performance obligation with the the order. Costs Consolidated Statements of 52.7 52.2 53.6 2019, respectively. Returns and Refunds Some of our contracts include a guaranteed customer is unable to sell before expiration. data and corresponding reduction in trade accounts receivable. Sales Incentives Provided to Customers The Company periodically offers (e.g., percentage current purchase), and other similar offers. Current sales price price based on estimated future redemption rates. Redemption rates are estimated using the Company’s historical experience for similar inducement offers. Current discount and inducement offers are presented as a net amount in ‘‘Net sales.’’ Disaggregation of Revenue The following table provides revenue disaggregated by product category (in thousands): 13 Weeks Ended 52 Weeks Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Conventional shell egg sales $ 205,987 $ 311,380 $ 766,284 $ 830,278 Specialty shell egg sales 131,243 133,347 539,780 485,465 Egg products 10,997 7,204 36,733 31,414 Other 1,571 1,402 6,190 4,452 $ 349,798 $ 453,333 $ 1,348,987 $ 1,351,609 Contract Costs The Company can incur costs to obtain or fulfill a contract with a customer. one year, they are expensed as incurred. is amortized over the contract life as a reduction in net sales. As of May 29, 2021 the balance for contract assets is immaterial. Contract Balances The Company receives payment from customers based on specified terms that are generally delivery. There are rarely contract assets or liabilities related to performance under the contract. Concentration of Credit Risks Our largest customer, Walmart 29.8 %, 32.1 % and 33.7 % of net sales dollars for fiscal 2021, 2020, and 2019, respectively. H-E-B, LP accounted for 10.1 % of net sales dollars for fiscal 2020. |
Leases
Leases | 12 Months Ended |
May 29, 2021 | |
Leases [Abstract] | |
Leases | Note 15 - 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 expense in the Consolidated Statements of Income. The Company’s lease cost consists of the following (in thousands): 13 Weeks Ended May 29, 2021 52 Weeks Ended May 30, 2020 Operating Lease cost $ 226 $ 929 Finance Lease cost Amortization of right-of-use asset $ 43 $ 168 Interest on lease obligations $ 7 $ 34 Short term lease cost $ 1,057 $ 3,771 Future minimum lease payments under non-cancelable leases are as follows (in thousands): As of May 29, 2021 Operating Leases Finance Leases 2022 $ 802 $ 239 2023 539 239 2024 380 219 2025 130 — 2026 26 — Thereafter 5 — Total 1,882 697 Less imputed interest (157) (44) Total $ 1,725 $ 653 The weighted-average Sheet are as follows: As of May 29, 2021 Operating Leases Finance Leases Weighted-average remaining lease term (years) 2.8 2.5 Weighted-average discount rate 5.9 % 4.9 % |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
May 29, 2021 | |
Stock Compensation Plans [Abstract] | |
Stock Compensation Plans | Note 16 - Stock Compensation Plans On Incentive Plan selected individuals who are expected to contribute to our long-term success. The maximum number of shares of common stock available for 2,000,000 1,126,188 authorized employee member of the Company’s Board of Directors, and any consultant who or one of our subsidiaries (except for incentive stock options, which may be granted only to our employees). The only outstanding awards under the LTIP the grant date, or upon death or disability, change in control, or retirement (subject to certain requirements). The restricted stock contains no other service or performance conditions. Restricted stock is awarded in the name of the recipient and, except for the right of disposal, constitutes period of closing price and is amortized on a straight-line basis over the vesting period. Forfeitures are recognized as they occur. Total 3.8 3.6 3.6 respectively. Our unrecognized compensation expense as a result of non-vested shares 6.6 6.3 May 30, 2020. The 2.1 years. A summary of our equity award activity and related information for our restricted stock is as follows: Number of Shares Weighted Average Date Fair Value Outstanding, June 1, 2019 248,412 $ 42.20 Granted 104,566 38.25 Vested (77,801) 43.00 Forfeited (2,131) 43.20 Outstanding, May 30, 2020 273,046 $ 41.36 Granted 112,860 37.82 Vested (79,328) 43.96 Forfeited (4,431) 40.12 Outstanding, May 29, 2021 302,147 $ 39.37 |
Income Taxes
Income Taxes | 12 Months Ended |
May 29, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 17 - Income Taxes Income tax expense (benefit) consisted of the following: Fiscal year ended May 29, 2021 May 30, 2020 June 1, 2019 Current: Federal $ (35,090) $ (6,750) $ 8,160 State 730 (1,800) 1,460 (34,360) (8,550) 9,620 Deferred: Federal 21,658 8,872 4,843 State 693 1,409 1,280 22,351 10,281 6,123 $ (12,009) $ 1,731 $ 15,743 Significant components of the Company’s deferred tax liabilities and assets were as follows: May 29, 2021 May 30, 2020 Deferred tax liabilities: Property, plant and equipment $ 82,508 $ 60,645 Inventories 31,501 28,075 Investment in affiliates 7,670 8,099 Other comprehensive income — 214 Other 5,648 5,002 Total deferred tax liabilities 127,327 102,035 Deferred tax assets: Accrued expenses 3,728 3,376 State operating loss carryforwards 3,416 792 Other comprehensive income 497 — Other 5,278 5,099 Total deferred tax assets 12,919 9,267 Net deferred tax liabilities $ 114,408 $ 92,768 The differences between income tax expense (benefit) at the Company’s effective income tax rate and income tax expense at the statutory federal income tax rate were as follows: Fiscal year end May 29, 2021 May 30, 2020 June 1, 2019 Statutory federal income tax $ (2,087) $ 4,226 $ 14,694 State income taxes, net 1,124 (309) 2,164 Domestic manufacturers deduction 3,566 684 — Enacted net operating loss carryback provision (16,014) (3,041) — Tax exempt interest income (50) (111) (197) Other, net 1,452 282 (918) $ (12,009) $ 1,731 $ 15,743 On March 27, 2020, the Coronavirus Aid, Relief, contains several income effects of the COVID-19 pandemic. The most significant provision of the CARES Act that materially affects our accounting for income taxes includes a five-year our fiscal years 2019 through 2021. Our financial statements for the fiscal year ended May 29, 2021 were materially affected by the changes enacted by the CARES Act. As a result of the for fiscal tax rate was 21% to periods in which the statutory federal income tax rate was 35%. recorded a 16.0 2021. Because Domestic Production 3.6 fiscal 2021 to account for the reduced taxable income. Federal and state 995 32 37.4 respectively. 2.6 8.4 418 2020, and 2019, respectively. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits the tax resolution. As of May 29, 2021, we are under audit by the Internal Revenue Service (IRS) for the fiscal years 2013 through 2015. Although we are subject to income tax As during adjustments reasonably possible that an additional decrease 1.4 development credits may be necessary within the coming year. open to examination by federal and state taxing jurisdictions to which we are subject. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
May 29, 2021 | |
Commitments and Contingencies [Abstract] | |
Contingencies | Note 18 - Commitments and Contingencies Financial Instruments The Company maintained standby letters of credit 4.1 Company's Revolving LOCs are recorded as a liability on the Consolidated Balance Sheets. State of Texas v. On April 23, 2020, the Company Texas v. of Harris County, Texas. of the State claimed emergency and made the Company and WCF to prevent further alleged violations of the DTPA, along with over $ 100,000 2020, the the State opening Appeals has not ruled on these submissions. Management believes the risk of material loss related to this matter to be remote. Bell et al. v. Cal-Maine Foods et al. On April 30, 2020, the Company was named cv-461, in the Western District of Texas, and farms. during the COVID-19 state sold, distributed, enjoin the Company and other declaration 10,000 250,000 impacting anyone dismiss believes the risk of material loss related to this matter to be remote. Kraft Foods Global, Inc. et al. v. United Egg Producers, Inc. et al. As previously cases involving plaintiffs who sought substantial damages allegedly arising from the purchase of egg products remaining plaintiffs The Kellogg Company. On September 13, 2019, the United States District 2002, Producers, Inc. et al., violated Section 1 of the the prices that plaintiffs paid of the United Egg Egg Products Plaintiffs money damages. appears that the case will not be tried until later in 2021 or 2022. In addition, dismissing all or results entered a judgment on the filing. The Company intends to continue to defend the remaining case with the Egg Products Plaintiffs on resolution of management believes that Plaintiffs, at range of factors, including the following, among others: the matter is in the early stages of preparing for trial following any trial will be before a to be resolved; and State of Oklahoma Watershed Pollution Litigation On June 18, against Cal-Maine Foods, Inc. and Tyson Foods, Inc. and affiliates, Inc. and its chicken litter the complaint seeks injunctive relief Cal-Maine Foods, Inc. discontinued will be materially affected the litigation began, Cal-Maine Foods, Inc. 100 % of the membership interests is an ongoing commercial shell egg in the litigation. The trial in the case began in September 2009 and concluded in February 2010. has not yet issued its ruling. Management believes the risk of material loss related to this matter to be remote. Other Matters In addition to the above, outcome of these matters final outcome should not have a material effect on the Company’s consolidated results of operations or financial position. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
May 29, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Note 19 - Related Party Transaction On August 24, 2020, Jr. (together, the “Selling 6,900,000 held by them, pursuant to a previously disclosed Agreement Regarding Common Stock (the “Agreement”) filed this report. Mrs. estate taxes related to the settlement of Mr. Company’s effective shelf registration statement on Form S-3 (File dated October 9, 2018, and a related Prospectus Supplement dated and Exchange Commission. and thus the Company (not including the paid by the Selling Stockholders) paid by 1.1 reimbursed the Company $ 551 |
Subsequent Events
Subsequent Events | 12 Months Ended |
May 29, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 20 – Subsequent Events Effective on 48.5 50 % membership interest including certain River owns and 1.7 free pullet capacity, feed mill, processing plant, related offices and outbuildings and 400 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
May 29, 2021 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts Disclosure | SCHEDULE II - VALUATION Fiscal Years (in thousands) Description Balance at Beginning of Period Charged to Cost and Expense Write-off of Accounts Balance at End of Period Year ended May 29, 2021 Allowance for doubtful accounts $ 743 $ 135 $ 83 $ 795 Year ended May 30, 2020 Allowance for doubtful accounts $ 206 $ 550 $ 13 $ 743 Year ended June 1, 2019 Allowance for doubtful accounts $ 268 $ 42 $ 104 $ 206 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
May 29, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Cal-Maine Foods, fresh in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States. |
Principles of Consolidation | Principles of Consolidation The consolidated over which we exercise control. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company’s fiscal year-end is on the Saturday closest to May 31. Each of May 29, 2021 , May 30, 2020, and June 1, 2019, included 52 |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing COVID-19 and may change materially in future periods. |
Cash Equivalents | Cash Equivalents The equivalents. Company Company has not experienced any loss in such other highly liquid investments in high quality financial institutions. We cash, concentration accounts to which Checks issued, accounts $ 7.5 11.2 |
Investment Securities | Investment Securities Our investment 320”). The Company considers on the Company's ability to sell within the next 12 months, as available-for-sale. We classify these securities as current, because the amounts invested gains and losses of its for credit losses, limited losses on available-for-sale income (expenses) as as “Other long-term assets” in the Company’s Consolidated Balance Sheets. |
Trade Receivables | Trade Receivables Trade 2020, reserves for credit losses were $ 795 744 based Company minimizes procedures. In expected loss based May 29, 2021 and May 30, 2020 one customer accounted for approximately 23.8 % and 29.5 % of the Company’s trade accounts receivable, respectively. |
Inventories | Inventories Inventories of value. The accumulated during a growing period of approximately 22 lives of the flocks, generally one two years . Flock mortality is charged to cost of sales as incurred. The information is not utilized by management in the operation of the Company. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant lives, which 15 25 3 12 maintenance are expensed property, depreciation are removed from the incurred on funds used to the asset’s estimated useful life. |
Leases | Leases The Company determines finance lease. We recognize the right to use an underlying asset for sheet. A lease liability is liabilities are included in our Consolidated Balance Sheet Current portion of Long-term operating lease obligation. The Company records ROU assets and lease obligations based on of the lease. When the rate implicit in the lease is calculate the present value of 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. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The equity method of exercises significant influence by the Company’s share of undistributed earnings or losses of these entities. Nonmarketable investments in which the Company has less than recorded at cost, and periodically reviewed for impairment. |
Goodwill | Goodwill Goodwill evaluated for impairment annually by first performing a qualitative assessment to determine whether a is necessary. After of a reporting unit any impairment. |
Intangible Assets | Intangible Assets Included in other intangible assets are non-compete agreements and customer 5 15 years. The amortized and the asset is no longer in use or the contract has expired. |
Accrued Self Insurance | Accrued Self Insurance We use workers’ compensation, part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions. |
Treasury Stock | Treasury Stock Treasury stock treasury issuance of based compensation plans are credited or charged to paid-in capital in excess of par value using the average-cost method. |
Revenue Recognition and Delivery Costs | Revenue Recognition and Delivery Costs Revenue recognition is completed days of Note 14 policy. The Company believes the performance to deliver product Statements estimated returns sale using historical trends based on actual sales returns and sales. |
Advertising Costs | Advertising Costs The Company expensed 11.7 6.0 7.3 2019, respectively. |
Income Taxes | Income Taxes Income taxes are provided using the between purposes. The Company’s policy with respect to evaluating uncertain it is must outcomes Company will interest on the portion of the tax benefit not recognized. The Company tax benefit relevant information. Based impact on the Company’s consolidated financial statements. |
Stock Based Compensation | Stock Based Compensation We account for share-based compensation in accordance with 718 performance-based shares, to be recognized in the statement of income based on their fair values. ASC 718 requires the benefits of Note Compensation Plans |
Business Combinations | Business Combinations The acquisitions. These recurring methodology for non-financial believes is the market value for those assets. |
Loss Contingencies | Loss Contingencies Certain conditions may exist as of the date will only be resolved assess contingencies related proceedings, the Company’s as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment can be estimated, potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent disclosed. Loss nature of the guarantee would be disclosed. The Company expenses the costs of litigation as they are incurred. |
New Accounting Pronouncements and Policies | New Accounting Pronouncements and Policies Effective intended instruments held by financial institutions and other organizations. The guidance replaces the prior “incurred loss” approach with an “expected based on historical experience, on a modified retrospective basis through adoption. The Company evaluated its current methodology of estimating allowance for doubtful accounts and the risk profile its receivables portfolio and developed a under the amended guidance. The Company finalized 422 thousand cumulative increase to retained earnings at May 31, 2020. No other new accounting on our Consolidated Financial Statements. |
Reclassification | Reclassification Certain presentation. These reclassifications had no effect on income. |
Fair Value Measures (Policy)
Fair Value Measures (Policy) | 12 Months Ended |
May 29, 2021 | |
Fair Value Measures [Abstract] | |
Fair Value Measurement | The Company hierarchy. The knowledgeable, and willing parties able to engage in the be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount the liability with the creditor. ● Level 1 ● Level 2 directly or indirectly, including: o Quoted prices for similar assets or liabilities in active markets o Quoted prices for identical or similar assets in non-active markets o Inputs other than quoted prices that are observable for the asset or liability o Inputs derived principally from or corroborated by other observable market data ● Level 3 to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities recorded at cost are as follows: Cash and cash equivalents, accounts receivable, and accounts payable: short maturity of these instruments. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
May 29, 2021 | |
Acquisitions [Abstract] | |
Allocation of Purchase Price | 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 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
May 29, 2021 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | May 29, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,424 $ 56 $ — $ 16,480 Commercial paper 1,998 — — 1,998 Corporate bonds 80,092 608 — 80,700 Certificates of deposits 1,077 — 1 1,076 Asset backed securities 11,914 — 10 11,904 Total current investment securities $ 111,505 $ 664 $ 11 $ 112,158 Mutual funds $ 2,306 $ 1,810 $ — $ 4,116 Total noncurrent investment securities $ 2,306 $ 1,810 $ — $ 4,116 May 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,093 $ 86 $ — $ 16,179 Commercial paper 6,965 17 — 6,982 Corporate bonds 125,594 1,274 — 126,868 Certificates of deposits 1,492 — — 1,492 Asset backed securities 2,629 13 — 2,642 Total current investment securities $ 152,773 $ 1,390 $ — $ 154,163 Mutual funds $ 2,005 $ 744 $ — $ 2,749 Total noncurrent investment securities $ 2,005 $ 744 $ — $ 2,749 |
Schedule Of Contractual Maturities Of Investment Securities | Estimated Fair Value Within one year $ 33,899 1-5 years 78,259 Total $ 112,158 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 12 Months Ended |
May 29, 2021 | |
Fair Value Measures [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | May 29, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,480 $ — $ 16,480 Commercial paper — 1,998 — 1,998 Corporate bonds — 80,700 — 80,700 Certificates of deposits — 1,076 — 1,076 Asset backed securities — 11,904 — 11,904 Mutual funds 4,116 — — 4,116 Total assets measured at fair value $ 4,116 $ 112,158 $ — $ 116,274 May 30, 2020 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,179 $ — $ 16,179 Commercial paper — 6,982 — 6,982 Corporate bonds — 126,868 — 126,868 Certificates of deposits — 1,492 — 1,492 Asset backed securities — 2,642 — 2,642 Mutual funds 2,749 — — 2,749 Total assets measured at fair value $ 2,749 $ 154,163 $ — $ 156,912 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
May 29, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | May 29, 2021 May 30, 2020 Flocks, net of amortization $ 123,860 $ 110,198 Eggs and egg products 21,084 18,487 Feed and supplies 73,431 58,531 $ 218,375 $ 187,216 |
Schedule of Cost of Sales Amortization and Mortality | May 29, 2021 May 30, 2020 June 1, 2019 Amortization $ 133,448 $ 133,379 $ 119,658 Mortality 6,769 5,823 5,161 Total flock costs charged to cost of sales $ 140,217 $ 139,202 $ 124,819 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
May 29, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | May 29, 2021 May 30, 2020 Land and improvements $ 101,174 $ 91,865 Buildings and improvements 454,332 393,195 Machinery and equipment 584,778 531,545 Construction-in-progress 72,879 126,061 1,213,163 1,142,666 Less: accumulated depreciation 623,746 585,291 $ 589,417 $ 557,375 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
May 29, 2021 | |
Investment in Unconsolidated Entities [Abstract] | |
Summary of Condensed Consolidated Financial Information for Unconsolidated Joint Ventures | For the fiscal year ended May 29, 2021 May 30, 2020 June 1, 2019 Net sales $ 119,853 $ 188,922 $ 112,396 Net income 1,596 1,064 9,490 Total assets 106,592 113,513 128,470 Total liabilities 5,850 4,655 7,600 Total equity 100,742 108,858 120,870 |
Schedule of Transactions With Unconsolidated Affiliates | For the fiscal year ended May 29, 2021 May 30, 2020 June 1, 2019 Sales to unconsolidated entities $ 56,765 $ 54,559 $ 58,093 Purchases from unconsolidated entities 76,059 71,475 81,685 Distributions from unconsolidated entities 6,663 7,114 7,904 May 29, 2021 May 30, 2020 Accounts receivable from unconsolidated entities 2,404 $ 4,935 Accounts payable to unconsolidated entities 4,161 5,706 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 29, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Summary Of Goodwill And Other Intangible Assets | Other Intangibles Franchise Customer Non-compete Right of Water Total Goodwill rights relationships agreements Use rights Trademark intangibles Balance June 1, 2019 $ 35,525 $ 19,955 $ 2,504 $ 297 $ — $ 720 $ 286 $ 59,287 Additions — — 1,000 1,000 — — — 2,000 Amortization — (1,628) (1,150) (118) — — (50) (2,946) Balance May 30, 2020 35,525 18,327 2,354 1,179 — 720 236 58,341 Additions — — — — 39 — — 39 Amortization — (1,628) (666) (160) (10) — (50) (2,514) Balance May 29, 2021 $ 35,525 $ 16,699 $ 1,688 $ 1,019 $ 29 $ 720 $ 186 $ 55,866 |
Schedule Of Other Intangibles | May 29, 2021 May 30, 2020 Gross carrying Accumulated Gross carrying Accumulated amount amortization amount amortization Other intangible assets: Franchise rights $ 29,284 $ (12,585) $ 29,284 $ (10,957) Customer relationships 9,644 (7,956) 20,544 (18,190) Non-compete agreements 1,450 (431) 1,450 (271) Right of use intangible 229 (200) 191 (191) Water rights * 720 — 720 — Trademark 400 (214) 400 (164) Total $ 41,727 $ (21,386) $ 52,589 $ (29,773) * Water rights are an indefinite life intangible asset. |
Schedule Of Estimated Amortization Of Intangible Assets | For fiscal year Estimated amortization expense 2022 $ 2,220 2023 2,206 2024 2,170 2025 2,040 2026 2,015 Thereafter 8,970 Total $ 19,621 |
Accrued Dividends Payable And_2
Accrued Dividends Payable And Dividends per Common Share (Tables) | 12 Months Ended |
May 29, 2021 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Schedule of Dividends | 13 Weeks Ended 52 Weeks Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Net income (loss) attributable to Cal-Maine Foods, Inc. $ (4,244) $ 60,463 $ 2,060 $ 18,391 Cumulative losses to be recovered prior to payment of divided at beginning of period — (61,833) (1,370) (19,761) Net income attributable to Cal-Maine Foods, Inc. available for dividend $ — $ — $ — $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend $ — Common stock outstanding (shares) 44,058 Class A common stock outstanding (shares) 4,800 Total common stock outstanding (shares) 48,858 Dividends per common share* $ — $ — $ 0.034 $ — *Dividends per 1/3 common stock outstanding (shares). |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
May 29, 2021 | |
Net Income per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | May 29, 2021 May 30, 2020 June 1, 2019 Numerator Net income $ 2,060 $ 18,328 $ 55,062 Less: Net income (loss) attributable to noncontrolling interest — (63) 833 Net income attributable to Cal-Maine Foods, Inc. $ 2,060 $ 18,391 $ 54,229 Denominator Weighted-average common shares outstanding, basic 48,522 48,467 48,467 Effect of dilutive securities of restricted shares 134 117 122 Weighted-average common shares outstanding, diluted 48,656 48,584 48,589 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.04 $ 0.38 $ 1.12 Diluted $ 0.04 $ 0.38 $ 1.12 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
May 29, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | 13 Weeks Ended 52 Weeks Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Conventional shell egg sales $ 205,987 $ 311,380 $ 766,284 $ 830,278 Specialty shell egg sales 131,243 133,347 539,780 485,465 Egg products 10,997 7,204 36,733 31,414 Other 1,571 1,402 6,190 4,452 $ 349,798 $ 453,333 $ 1,348,987 $ 1,351,609 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 29, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | 13 Weeks Ended May 29, 2021 52 Weeks Ended May 30, 2020 Operating Lease cost $ 226 $ 929 Finance Lease cost Amortization of right-of-use asset $ 43 $ 168 Interest on lease obligations $ 7 $ 34 Short term lease cost $ 1,057 $ 3,771 |
Schedule of Future Minimum Lease Payments | As of May 29, 2021 Operating Leases Finance Leases 2022 $ 802 $ 239 2023 539 239 2024 380 219 2025 130 — 2026 26 — Thereafter 5 — Total 1,882 697 Less imputed interest (157) (44) Total $ 1,725 $ 653 |
Schedule of Weighted-Average Information | As of May 29, 2021 Operating Leases Finance Leases Weighted-average remaining lease term (years) 2.8 2.5 Weighted-average discount rate 5.9 % 4.9 % |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
May 29, 2021 | |
Stock Compensation Plans [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Date Fair Value Outstanding, June 1, 2019 248,412 $ 42.20 Granted 104,566 38.25 Vested (77,801) 43.00 Forfeited (2,131) 43.20 Outstanding, May 30, 2020 273,046 $ 41.36 Granted 112,860 37.82 Vested (79,328) 43.96 Forfeited (4,431) 40.12 Outstanding, May 29, 2021 302,147 $ 39.37 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 29, 2021 | |
Income Taxes [Abstract] | |
Tax Expense by Jurisdiction | Fiscal year ended May 29, 2021 May 30, 2020 June 1, 2019 Current: Federal $ (35,090) $ (6,750) $ 8,160 State 730 (1,800) 1,460 (34,360) (8,550) 9,620 Deferred: Federal 21,658 8,872 4,843 State 693 1,409 1,280 22,351 10,281 6,123 $ (12,009) $ 1,731 $ 15,743 |
Deferred Tax Assets and Liabilities | May 29, 2021 May 30, 2020 Deferred tax liabilities: Property, plant and equipment $ 82,508 $ 60,645 Inventories 31,501 28,075 Investment in affiliates 7,670 8,099 Other comprehensive income — 214 Other 5,648 5,002 Total deferred tax liabilities 127,327 102,035 Deferred tax assets: Accrued expenses 3,728 3,376 State operating loss carryforwards 3,416 792 Other comprehensive income 497 — Other 5,278 5,099 Total deferred tax assets 12,919 9,267 Net deferred tax liabilities $ 114,408 $ 92,768 |
Reconciliation of Effective Tax Expense | Fiscal year end May 29, 2021 May 30, 2020 June 1, 2019 Statutory federal income tax $ (2,087) $ 4,226 $ 14,694 State income taxes, net 1,124 (309) 2,164 Domestic manufacturers deduction 3,566 684 — Enacted net operating loss carryback provision (16,014) (3,041) — Tax exempt interest income (50) (111) (197) Other, net 1,452 282 (918) $ (12,009) $ 1,731 $ 15,743 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | Jun. 02, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Fiscal period duration | 364 days | |||
Checks outstanding in excess of related book cash balances | $ 7,500 | $ 11,200 | ||
Allowance for doubtful accounts | 795 | 744 | ||
Advertising expense | $ 11,700 | 6,000 | $ 7,300 | |
Flock costs, cost accumulation period | 154 days | |||
Stockholders equity | $ 1,012,781 | 1,009,675 | 989,806 | $ 955,682 |
Restatement Adjustment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders equity | 422 | |||
Retained Earnings [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders equity | $ 975,977 | 975,147 | $ 954,527 | $ 924,918 |
Retained Earnings [Member] | Restatement Adjustment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders equity | $ 422 | |||
Customer Concentration Risk [Member] | Accounts Receivable | One Customer [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 23.80% | 29.50% | ||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets estimated useful life | 5 years | |||
Flock costs, amortization period | 1 year | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets estimated useful life | 15 years | |||
Flock costs, amortization period | 2 years | |||
Buildings and Improvements [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 15 years | |||
Buildings and Improvements [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 25 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 12 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, Item in Millions | Mar. 28, 2020USD ($) | Oct. 20, 2019USD ($)Item |
Mahard Egg Farm [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ | $ 45,500 | |
Number of laying hens acquired | Item | 3.9 | |
Number of layers, permitted capacity | Item | 8 | |
Mahard Egg Farm [Member] | Texas Egg Products, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, percentage of voting interest acquired | 21.10% | |
Interest held | 93.20% | |
Texas Egg Products, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ | $ 135 | |
Business acquisition, percentage of voting interest acquired | 6.80% |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Price) (Details) - Mahard Egg Farm [Member] $ in Thousands | Oct. 20, 2019USD ($) |
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 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 129,100,000 | $ 204,300,000 | $ 209,700,000 |
Proceeds from sale of available-for-sale securities, noncurrent | 54,000 | 1,200,000 | 84,000 |
Gross realized gains on sales of available-for-sale securities, current | 456,000 | 278,000 | 9,000 |
Gross realized gains on sales of available-for-sale securities, noncurrent | 611,000 | 48,000 | |
Gross realized losses on sales of available-for-sale securities, current | 19,000 | 6,000 | 33,000 |
Gross realized losses on sales of available-for-sale securities, noncurrent | 0 | 0 | $ 0 |
Allowance for credit losses | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | $ 111,505 | $ 152,773 |
Unrealized Gains, Current | 664 | 1,390 |
Unrealized Losses, Current | 11 | 0 |
Estimated Fair Value, Current | 112,158 | 154,163 |
Amortized Cost, Noncurrent | 2,306 | 2,005 |
Unrealized Gains, Noncurrent | 1,810 | 744 |
Unrealized Losses, Noncurrent | 0 | 0 |
Estimated Fair Value, Noncurrent | 4,116 | 2,749 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 16,424 | 16,093 |
Unrealized Gains, Current | 56 | 86 |
Unrealized Losses, Current | 0 | 0 |
Estimated Fair Value, Current | 16,480 | 16,179 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 1,998 | 6,965 |
Unrealized Gains, Current | 0 | 17 |
Unrealized Losses, Current | 0 | 0 |
Estimated Fair Value, Current | 1,998 | 6,982 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 80,092 | 125,594 |
Unrealized Gains, Current | 608 | 1,274 |
Unrealized Losses, Current | 0 | 0 |
Estimated Fair Value, Current | 80,700 | 126,868 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 1,077 | 1,492 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 1 | 0 |
Estimated Fair Value, Current | 1,076 | 1,492 |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 11,914 | 2,629 |
Unrealized Gains, Current | 0 | 13 |
Unrealized Losses, Current | 10 | 0 |
Estimated Fair Value, Current | 11,904 | 2,642 |
Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Noncurrent | 2,306 | 2,005 |
Unrealized Gains, Noncurrent | 1,810 | 744 |
Unrealized Losses, Noncurrent | 0 | 0 |
Estimated Fair Value, Noncurrent | $ 4,116 | $ 2,749 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Investments Securities [Abstract] | ||
Within one year | $ 33,899 | |
1-5 years | 78,259 | |
Total | $ 112,158 | $ 154,163 |
Fair Value Measures (Schedule o
Fair Value Measures (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 116,274 | $ 156,912 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,116 | 2,749 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 112,158 | 154,163 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 16,480 | 16,179 |
Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 16,480 | 16,179 |
Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,998 | 6,982 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,998 | 6,982 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 80,700 | 126,868 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 80,700 | 126,868 |
Corporate Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Certificates of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,076 | 1,492 |
Certificates of Deposits [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Certificates of Deposits [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,076 | 1,492 |
Certificates of Deposits [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Asset Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,904 | 2,642 |
Asset Backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Asset Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,904 | 2,642 |
Asset Backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,116 | 2,749 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,116 | 2,749 |
Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) pullet_and_breeder in Millions, Layers in Millions | May 29, 2021Layerspullet_and_breeder |
Inventories [Abstract] | |
Pullets and breeders | pullet_and_breeder | 10.8 |
Layers | Layers | 37.8 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 123,860 | $ 110,198 |
Eggs and egg products | 21,084 | 18,487 |
Feed and supplies | 73,431 | 58,531 |
Total inventories | $ 218,375 | $ 187,216 |
Inventories (Schedule Of Cost O
Inventories (Schedule Of Cost Of Sales Amortization And Mortality) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Inventories [Abstract] | |||
Amortization | $ 133,448 | $ 133,379 | $ 119,658 |
Mortality | 6,769 | 5,823 | 5,161 |
Total flock costs charged to cost of sales | $ 140,217 | $ 139,202 | $ 124,819 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 56,500 | $ 54,500 | $ 51,700 |
Asset Impairment Charges | $ 196 | $ 2,919 | $ 0 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 1,213,163 | $ 1,142,666 |
Less: accumulated depreciation | 623,746 | 585,291 |
Property, plant and equipment, less accumulated depreciation | 589,417 | 557,375 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 101,174 | 91,865 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 454,332 | 393,195 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 584,778 | 531,545 |
Construction-in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 72,879 | $ 126,061 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Investments in and Advances to Affiliates [Line Items] | |||
Investments in affiliates, recorded using the equity method of accounting | $ 49,900 | $ 54,700 | |
Equity in income of unconsolidated entities | 622 | 534 | $ 4,776 |
Carrying value of cost method investment | $ 768 | $ 2,000 | |
Red River Valley Egg Farm, LLC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50.00% | ||
Specialty Eggs LLC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50.00% | ||
Southwest Specialty Eggs, LLC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50.00% |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Schedule Of Transactions With Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | Jun. 02, 2018 | |
Related Party Transaction [Line Items] | ||||
Net income | $ 2,060 | $ 18,328 | $ 55,062 | |
Total assets | 1,229,174 | 1,206,694 | ||
Total liabilities | 216,393 | 197,019 | ||
Total equity | 1,012,781 | 1,009,675 | 989,806 | $ 955,682 |
Corporate Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net sales | 119,853 | 188,922 | 112,396 | |
Net income | 1,596 | 1,064 | 9,490 | |
Total assets | 106,592 | 113,513 | 128,470 | |
Total liabilities | 5,850 | 4,655 | 7,600 | |
Total equity | 100,742 | 108,858 | 120,870 | |
Affiliated Entity [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to unconsolidated entities | 56,765 | 54,559 | 58,093 | |
Purchases from unconsolidated entities | 76,059 | 71,475 | 81,685 | |
Dividends from unconsolidated entities | 6,663 | 7,114 | $ 7,904 | |
Accounts receivable from unconsolidated entities | 2,404 | 4,935 | ||
Accounts payable to unconsolidated entities | $ 4,161 | $ 5,706 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Aggregate amortization expense for intangible assets | $ 2,514 | $ 2,946 | $ 2,800 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Goodwill | |||
Goodwill, Balance | $ 35,525 | $ 35,525 | |
Goodwill, Balance | 35,525 | 35,525 | $ 35,525 |
Other intangibles, Finite-Lived | |||
Other intangibles, Amortization | (2,514) | (2,946) | (2,800) |
Other Intangibles, Finite-Lived, Balance | 19,621 | ||
Total intangibles | |||
Total intangibles, Balance | 58,341 | 59,287 | |
Total intangibles, Additions | 39 | 2,000 | |
Total intangibles, Amortization | (2,514) | (2,946) | (2,800) |
Total intangibles, Balance | 55,866 | 58,341 | 59,287 |
Water Rights [Member] | |||
Other intangibles, Indefinite-Lived | |||
Other Intangibles, Indefinite-Lived, Balance | 720 | 720 | |
Other Intangibles, Indefinite-Lived, Balance | 720 | 720 | 720 |
Franchise Rights [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 18,327 | 19,955 | |
Other Intangibles, Additions | 0 | 0 | |
Other intangibles, Amortization | (1,628) | (1,628) | |
Other Intangibles, Finite-Lived, Balance | 16,699 | 18,327 | 19,955 |
Total intangibles | |||
Total intangibles, Amortization | (1,628) | (1,628) | |
Customer Relationships [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 2,354 | 2,504 | |
Other Intangibles, Additions | 0 | 1,000 | |
Other intangibles, Amortization | (666) | (1,150) | |
Other Intangibles, Finite-Lived, Balance | 1,688 | 2,354 | 2,504 |
Total intangibles | |||
Total intangibles, Amortization | (666) | (1,150) | |
Non-Compete Agreements [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 1,179 | 297 | |
Other Intangibles, Additions | 0 | 1,000 | |
Other intangibles, Amortization | (160) | (118) | |
Other Intangibles, Finite-Lived, Balance | 1,019 | 1,179 | 297 |
Total intangibles | |||
Total intangibles, Amortization | (160) | (118) | |
Right of Use [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 0 | 0 | |
Other Intangibles, Additions | 39 | 0 | |
Other intangibles, Amortization | (10) | 0 | |
Other Intangibles, Finite-Lived, Balance | 29 | 0 | 0 |
Total intangibles | |||
Total intangibles, Amortization | (10) | 0 | |
Trademark [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 236 | 286 | |
Other intangibles, Amortization | (50) | (50) | |
Other Intangibles, Finite-Lived, Balance | 186 | 236 | $ 286 |
Total intangibles | |||
Total intangibles, Amortization | $ (50) | $ (50) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Other Intangibles) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 | Jun. 01, 2019 |
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 41,727 | $ 52,589 | |
Accumulated amortization | (21,386) | (29,773) | |
Franchise Rights [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 29,284 | 29,284 | |
Accumulated amortization | (12,585) | (10,957) | |
Customer Relationships [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 9,644 | 20,544 | |
Accumulated amortization | (7,956) | (18,190) | |
Non-Compete Agreements [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 1,450 | 1,450 | |
Accumulated amortization | (431) | (271) | |
Right of Use [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 229 | 191 | |
Accumulated amortization | (200) | (191) | |
Trademark [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 400 | 400 | |
Accumulated amortization | (214) | (164) | |
Water Rights [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, indefinite-lived | $ 720 | $ 720 | $ 720 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Of Intangible Assets) (Details) $ in Thousands | May 29, 2021USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
2022 | $ 2,220 |
2023 | 2,206 |
2024 | 2,170 |
2025 | 2,040 |
2026 | 2,015 |
Thereafter | 8,970 |
Total | $ 19,621 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Medical claim, maximum per occurrence | $ 225,000 | ||
Medical plan expense | 21,700,000 | $ 17,800,000 | $ 18,100,000 |
Liability recorded for incurred but not reported claims | 2,400,000 | 1,700,000 | |
Deferred compensation expense | 1,600,000 | 621,000 | 377,000 |
Postretirement expense liability | $ 3,400,000 | 3,400,000 | |
KSOP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company matching contribution percentage | 3.00% | ||
Company cash contribution | $ 3,800,000 | $ 3,800,000 | $ 3,700,000 |
Compare share contribution | 0 | 0 | 0 |
Certain Officers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation agreement, amount of years required for payment | 65 years | ||
Payments made under plan | $ 170,000 | $ 150,000 | $ 129,000 |
Liability related to deferred compensation agreements | 1,400,000 | 1,400,000 | |
Officers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Payments made under plan | 55,000 | 1,200,000 | |
Liability related to deferred compensation agreements | 4,100,000 | 2,700,000 | |
Awards issued under deferred compensation plan | $ 279,000 | $ 266,000 | $ 267,000 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) | Jul. 10, 2018USD ($)Item | May 29, 2021USD ($) | May 30, 2020USD ($) | Jun. 01, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Interest costs incurred | $ 213,000 | $ 498,000 | $ 644,000 | |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount borrowed | $ 0 | |||
Maximum borrowing capacity | $ 100,000,000 | |||
Debt instrument, term | 5 years | |||
Accordion feature, increase limit | $ 125,000,000 | |||
Standby letters of credit | $ 4,100,000 | |||
Commitment fee | 0.20% | |||
Number of financial covenants | Item | 2 | |||
Restrictive covenants, minimum working capital ratio | 2 | |||
Annual limit on capital expenditures | $ 150,000,000 | |||
Restrictive covenants, minimum voting ownership percentage | 50.00% | |||
Maximum repurchase of capital stock, amount | $ 75,000,000 | |||
Minimum capacity available | $ 20,000,000 | |||
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Revolving Credit Facility [Member] | Applicable Margin, Eurodollar Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Revolving Credit Facility [Member] | Applicable Margin, Eurodollar Rate Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Revolving Credit Facility [Member] | Applicable Margin, Eurodollar Rate Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Revolving Credit Facility [Member] | Applicable Margin, Base Rate Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.00% | |||
Revolving Credit Facility [Member] | Applicable Margin, Base Rate Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% |
Accrued Dividends Payable And_3
Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) $ in Millions | 12 Months Ended |
May 29, 2021USD ($) | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Number of days after first, second and third quarter dividends paid | 60 days |
Number of days after fourth quarter dividends paid | 65 days |
Number of days dividends paid following record date | 15 days |
Cumulative losses to be recovered prior to paying dividend | $ 4.2 |
Percentage of net income loss used to compute accrued dividends | 33.33% |
Accrued Dividends Payable And_4
Accrued Dividends Payable And Dividends per Common Share (Schedule of Dividends) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Class of Stock [Line Items] | |||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ (4,244) | $ 60,463 | $ 2,060 | $ 18,391 | $ 54,229 |
Cumulative losses to be recovered prior to payment of divided at beginning of period | 0 | 61,833 | 1,370 | 19,761 | |
Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend | 0 | $ 0 | $ 0 | $ 0 | |
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | $ 0 | ||||
Common stock outstanding (shares) | 48,858 | 48,858 | |||
Dividends per common share (in dollars per share) | $ 0 | $ 0 | $ 0.034 | $ 0 | |
Percentage of net income loss used to compute accrued dividends | 33.33% | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock outstanding (shares) | 44,058 | 44,058 | |||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock outstanding (shares) | 4,800 | 4,800 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | May 29, 2021ClassVoteshares |
Schedule of Stockholders Equity [Line Items] | |
Number of classes of capital stock | Class | 2 |
Number of shares owned by immediate family members and/or permitted transferee's (in shares) | shares | 4,600,000 |
Common Stock [Member] | |
Schedule of Stockholders Equity [Line Items] | |
Number of votes per share of stock | 1 |
Number of votes per share of stock converted from Class A | 1 |
Class A Common Stock [Member] | |
Schedule of Stockholders Equity [Line Items] | |
Number of votes per share of stock | 10 |
Number of shares owned by immediate family members and/or permitted transferee's (in shares) | shares | 4,300,000 |
Net Income per Common Share (Co
Net Income per Common Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Net Income per Common Share [Abstract] | |||||
Net income | $ 2,060 | $ 18,328 | $ 55,062 | ||
Less: Net income (loss) attributable to noncontrolling interest | 0 | (63) | 833 | ||
Net income attributable to Cal-Maine Foods, Inc. | $ (4,244) | $ 60,463 | $ 2,060 | $ 18,391 | $ 54,229 |
Denominator | |||||
Weighted-average common shares outstanding, basic (in shares) | 48,522 | 48,467 | 48,467 | ||
Effect of dilutive securities of restricted shares (in shares) | 134 | 117 | 122 | ||
Weighted-average common shares outstanding, diluted (in shares) | 48,656 | 48,584 | 48,589 | ||
Net income per common share attributable to Cal-Maine Foods, Inc. | |||||
Basic (in dollars per share) | $ 0.04 | $ 0.38 | $ 1.12 | ||
Diluted (in dollars per share) | $ 0.04 | $ 0.38 | $ 1.12 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Selling, general and administrative expenses | $ 52.7 | $ 52.2 | $ 53.6 |
Two Affiliated Customers [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 29.80% | 32.10% | 33.70% |
H-E-B, LP [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 10.10% |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 349,798 | $ 453,333 | $ 1,348,987 | $ 1,351,609 | $ 1,361,188 |
Conventional shell egg sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 205,987 | 311,380 | 766,284 | 830,278 | |
Specialty shell egg sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 131,243 | 133,347 | 539,780 | 485,465 | |
Egg products [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 10,997 | 7,204 | 36,733 | 31,414 | |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 1,571 | $ 1,402 | $ 6,190 | $ 4,452 |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
May 29, 2021 | May 30, 2020 | |
Leases [Abstract] | ||
Operating Lease cost | $ 226 | $ 929 |
Finance Lease cost | ||
Amortization of right-of-use asset | 43 | 168 |
Interest on lease obligations | 7 | 34 |
Short term lease cost | $ 1,057 | $ 3,771 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | May 29, 2021USD ($) |
Operating Leases | |
2022 | $ 802 |
2023 | 539 |
2024 | 380 |
2025 | 130 |
2026 | 26 |
Thereafter | 5 |
Total | 1,882 |
Less imputed interest | (157) |
Total | 1,725 |
Finance Leases | |
2022 | 239 |
2023 | 239 |
2024 | 219 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 697 |
Less imputed interest | (44) |
Total | $ 653 |
Leases (Schedule of Future Mi_2
Leases (Schedule of Future Minimum Lease Payments - Additional) (Details) $ in Thousands | May 29, 2021USD ($) |
Operating Leases | |
Total | $ 1,882 |
Less imputed interest | (157) |
Total | 1,725 |
Finance Leases | |
Total | 697 |
Less imputed interest | (44) |
Total | $ 653 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Information) (Details) | May 29, 2021 |
Operating Leases | |
Weighted-average remaining lease term (years) | 2 years 9 months 18 days |
Weighted-average discount rate | 5.90% |
Finance Leases | |
Weighted-average remaining lease term (years) | 2 years 6 months |
Weighted-average discount rate | 4.90% |
Stock Compensation Plans (Narra
Stock Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense (benefit) | $ 3.8 | $ 3.6 | $ 3.6 |
2012 Omnibus Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive plan shares authorized (in shares) | 2,000,000 | ||
Shares remaining for issuance | 1,126,188 | ||
Unrecognized compensation expense | $ 6.6 | $ 6.3 | |
Weighted average period of unrecognized compensation expense | 2 years 1 month 6 days |
Stock Compensation Plans (Summa
Stock Compensation Plans (Summary of Equity Award Activity) (Details) - $ / shares | 12 Months Ended | |
May 29, 2021 | May 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding, Beginning Balance (in shares) | 273,046 | 248,412 |
Number of Shares, Granted (in shares) | 112,860 | 104,566 |
Number of Shares, Vested (in shares) | (79,328) | (77,801) |
Number of Shares, Forfeited (in shares) | (4,431) | (2,131) |
Number of Shares, Outstanding, Ending Balance (in shares) | 302,147 | 273,046 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ 41.36 | $ 42.20 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 37.82 | 38.25 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 43.96 | 43 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 40.12 | 43.20 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ 39.37 | $ 41.36 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Tax Credit Carryforward [Line Items] | |||
Benefit of net operating loss carryback provision | $ 16,014 | $ 3,041 | $ 0 |
Income taxes paid | 995 | 32 | 37,400 |
Income taxes refunded | 2,600 | $ 8,400 | $ 418 |
Significant change in unrecognized tax benefits is reasonably possible | 1,400 | ||
Net Operating Loss Carryback [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Benefit of net operating loss carryback provision | $ 3,600 |
Income Taxes (Tax Expense by Ju
Income Taxes (Tax Expense by Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Current: | |||
Current income tax expense (benefit): Federal | $ (35,090) | $ (6,750) | $ 8,160 |
Current income tax expense (benefit): State | 730 | (1,800) | 1,460 |
Current income tax expense (benefit): Total | (34,360) | (8,550) | 9,620 |
Deferred: | |||
Deferred income tax expense (benefit): Federal | 21,658 | 8,872 | 4,843 |
Deferred income tax expense (benefit): State | 693 | 1,409 | 1,280 |
Deferred income tax expense (benefit): Total | 22,351 | 10,281 | 6,123 |
Income tax expense (benefit) | $ (12,009) | $ 1,731 | $ 15,743 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | May 29, 2021 | May 30, 2020 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ 82,508 | $ 60,645 |
Inventories | 31,501 | 28,075 |
Investment in affiliates | 7,670 | 8,099 |
Other comprehensive income | 0 | 214 |
Other | 5,648 | 5,002 |
Total deferred tax liabilities | 127,327 | 102,035 |
Deferred tax assets: | ||
Accrued expenses | 3,728 | 3,376 |
State operating loss carryforwards | 3,416 | 792 |
Other comprehensive income | 497 | 0 |
Other | 5,278 | 5,099 |
Total deferred tax assets | 12,919 | 9,267 |
Net deferred tax liabilities | $ 114,408 | $ 92,768 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Income Taxes [Abstract] | |||
Statutory federal income tax | $ (2,087) | $ 4,226 | $ 14,694 |
State income taxes, net | 1,124 | (309) | 2,164 |
Domestic manufacturers deduction | 3,566 | 684 | 0 |
Enacted net operating loss carryback provision | (16,014) | (3,041) | 0 |
Tax exempt interest income | (50) | (111) | (197) |
Other, net | 1,452 | 282 | (918) |
Income tax expense (benefit) | $ (12,009) | $ 1,731 | $ 15,743 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
May 29, 2021USD ($)$ / Claim | |
Benton County Foods [Member] | |
Loss Contingencies [Line Items] | |
Ownership interest | 100.00% |
Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Outstanding | $ | $ 4,100,000 |
Pending Litigation | State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC [Member] | |
Loss Contingencies [Line Items] | |
Damages sought | $ | $ 100,000 |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Damages sought per claim | $ / Claim | 10,000 |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Damages sought per claim | $ / Claim | 250,000 |
Related Party Transaction (Narr
Related Party Transaction (Narrative) (Details) - Secondary Public Offering [Member] - Immediate Family Member Of Management Or Principal Owner [Member] $ in Thousands | Aug. 24, 2020USD ($)shares |
Related Party Transaction [Line Items] | |
Shares issued | shares | 6,900,000 |
Fees paid | $ 1,100 |
Fees reimbursed | $ 551 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) Layers in Millions, $ in Millions | May 30, 2021USD ($)aLayers | May 29, 2021Layers |
Subsequent Event [Line Items] | ||
Layers | 37.8 | |
Red River Valley Egg Farm, LLC [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Business combination, consideration transferred | $ | $ 48.5 | |
Business acquisition, percentage of voting interest acquired | 50.00% | |
Layers | 1.7 | |
Area of land | a | 400 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 743 | $ 206 | $ 268 |
Charged to Cost and Expense | 135 | 550 | 42 |
Write-off of Accounts | 83 | 13 | 104 |
Balance at End of Period | $ 795 | $ 743 | $ 206 |