Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Nov. 27, 2021 | Dec. 28, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 27, 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 | |
Entity Address Address Line 2 | 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, $0.01 par value per share | |
Trading Symbol | CALM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --05-28 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000016160 | |
Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 44,056,599 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 27, 2021 | May 29, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 15,484 | $ 57,352 |
Investment securities available-for-sale | 69,672 | 112,158 |
Trade and other receivables, net | 152,958 | 126,639 |
Inventories | 236,201 | 218,375 |
Prepaid expenses and other current assets | 6,814 | 5,407 |
Total current assets | 481,129 | 519,931 |
Property, plant & equipment, net | 667,250 | 589,417 |
Finance lease right-of-use asset, net | 448 | 525 |
Operating lease right-of-use asset, net | 1,347 | 1,724 |
Investments in unconsolidated entities | 10,985 | 54,941 |
Goodwill | 44,006 | 35,525 |
Intangible assets, net | 19,241 | 20,341 |
Other long-term assets | 7,588 | 6,770 |
Total assets | 1,231,994 | 1,229,174 |
Current liabilities: | ||
Accounts payable and accrued expenses | 115,619 | 89,191 |
Current portion of finance lease obligation | 219 | 215 |
Current portion of operating lease obligation | 550 | 691 |
Total current liabilities | 116,388 | 90,097 |
Long-term finance lease obligation | 327 | 438 |
Long-term operating lease obligation | 797 | 1,034 |
Other noncurrent liabilities | 10,306 | 10,416 |
Deferred income taxes | 106,753 | 114,408 |
Total liabilities | 234,571 | 216,393 |
Commitments and contingencies - see Note 13 | ||
Stockholders' equity: | ||
Paid-in capital | 66,019 | 64,044 |
Retained earnings | 959,124 | 975,977 |
Accumulated other comprehensive loss, net of tax | (996) | (558) |
Common stock in treasury at cost-26,204 shares at November 27, 2021 and 26,202 shares at May 29, 2021 | (27,450) | (27,433) |
Total Cal-Maine Foods, Inc. stockholders' equity | 997,448 | 1,012,781 |
Noncontrolling interest in consolidated entity | (25) | 0 |
Total stockholders' equity | 997,423 | 1,012,781 |
Total Liabilities and Stockholders' Equity | 1,231,994 | 1,229,174 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 703 | 703 |
Class A Convertible Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 48 | $ 48 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 27, 2021 | May 29, 2021 |
Common stock in treasury (in shares) | 26,204 | 26,202 |
Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 70,261,000 | 70,261,000 |
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) | 4,800,000 | 4,800,000 |
Common stock, shares issued (in shares) | 4,800,000 | 4,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 27, 2021 | Nov. 28, 2020 | Nov. 27, 2021 | Nov. 28, 2020 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 390,903 | $ 347,328 | $ 722,607 | $ 640,110 |
Cost of sales | 347,156 | 288,877 | 672,215 | 564,894 |
Gross profit | 43,747 | 58,451 | 50,392 | 75,216 |
Selling, general and administrative | 47,780 | 43,873 | 94,305 | 87,838 |
(Gain) loss on disposal of fixed assets | (1,968) | 99 | (2,181) | 122 |
Operating income (loss) | (2,065) | 14,479 | (41,732) | (12,744) |
Other income (expense): | ||||
Interest income, net | 129 | 664 | 361 | 1,589 |
Royalty income | 278 | 280 | 551 | 585 |
Equity income of unconsolidated entities | 264 | 58 | 399 | 14 |
Other, net | 1,862 | 436 | 7,025 | 948 |
Total other income, net | 2,533 | 1,438 | 8,336 | 3,136 |
Income (loss) before income taxes | 468 | 15,917 | (33,396) | (9,608) |
Income tax (benefit) expense | (677) | 3,762 | (16,515) | (2,364) |
Net income (loss) | 1,145 | 12,155 | (16,881) | (7,244) |
Less: Loss attributable to noncontrolling interest | (28) | 0 | (28) | 0 |
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 1,173 | $ 12,155 | $ (16,853) | $ (7,244) |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.02 | $ 0.25 | $ (0.34) | $ (0.15) |
Diluted (in dollars per share) | $ 0.02 | $ 0.25 | $ (0.34) | $ (0.15) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 48,857 | 48,501 | 48,859 | 48,501 |
Diluted (in shares) | 49,016 | 48,645 | 48,859 | 48,501 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 27, 2021 | Nov. 28, 2020 | Nov. 27, 2021 | Nov. 28, 2020 | |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ||||
Net income (loss) | $ 1,145 | $ 12,155 | $ (16,881) | $ (7,244) |
Other comprehensive income (loss), before tax: | ||||
Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments | (355) | (373) | (579) | 95 |
Income tax benefit (expense) related to items of other comprehensive income | 87 | 91 | 141 | (23) |
Other comprehensive income (loss), net of tax | (268) | (282) | (438) | 72 |
Comprehensive income (loss) | 877 | 11,873 | (17,319) | (7,172) |
Less: Comprehensive loss attributable to the noncontrolling interest | (28) | 0 | (28) | 0 |
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc. | $ 905 | $ 11,873 | $ (17,291) | $ (7,172) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Nov. 27, 2021 | Nov. 28, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (16,881) | $ (7,244) |
Depreciation and amortization | 33,969 | 29,305 |
Deferred income taxes | (15,995) | (2,364) |
Other adjustments, net | (16,585) | (30,348) |
Net cash used in operations | (15,492) | (10,651) |
Cash flows from investing activities: | ||
Purchases of investment securities | (26,387) | (29,637) |
Sales and maturities of investment securities | 67,864 | 59,077 |
Distributions from unconsolidated entities | 400 | 2,650 |
Acquisition of business, net of cash acquired | (44,823) | 0 |
Purchases of property, plant and equipment | (28,647) | (52,373) |
Net proceeds from disposal of property, plant and equipment | 5,338 | 253 |
Net cash used in investing activities | (26,255) | (20,030) |
Cash flows from financing activities: | ||
Purchase of common stock by treasury | (18) | (45) |
Principal payments on finance lease | (106) | (101) |
Contributions | 3 | 5 |
Net cash used in financing activities | (121) | (141) |
Net change in cash and cash equivalents | (41,868) | (30,822) |
Cash and cash equivalents at beginning of period | 57,352 | 78,130 |
Cash and cash equivalents at end of period | 15,484 | 47,308 |
Supplemental information: | ||
Cash paid for operating leases | 425 | 237 |
Interest paid | $ 125 | $ 129 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Nov. 27, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Cal-Maine Foods, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements (unaudited) Note 1 - Summary of Significant Accounting Policies Basis of Presentation The "we," Therefore, they United Report adjustments that are, in and, periods are not necessarily indicative of operating results for the entire fiscal Fiscal Year The Company's ended on November 27, 2021 and November 28, 2020 included Use of Estimates The preparation of the assumptions could differ from those estimates. The severity, changing periods in response to COVID-19. Investment Securities Our investment 320”). restrictions current, because the with unrealized changes to losses through cost Gains and losses are recognized in other income of Consolidated Balance Sheets. Trade Receivables Trade receivables 29, 1.1 795 customers based on The monitoring assigned factors. Business Combinations The acquisitions. non-financial assets acquired is determined internally. remaining estimated life of the assets acquired and what management Change in Accounting Principle Effective intended instruments held by financial institutions and other organizations. an “expected based guidance on the period of risk “expected guidance and recorded a $ 422 |
Acquisition
Acquisition | 6 Months Ended |
Nov. 27, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – Acquisition Effective 50 % LLC (“Red River”), the Company. 1.7 laying located on approximately 400 The assumed recognized at the acquisition date: Cash consideration paid $ 48,500 Fair value of the Company's equity interest in Red River held before the business combination 48,500 $ 97,000 Recognized amounts of identifiable assets acquired and liabilities assumed Cash $ 3,677 Accounts receivable, net 1,980 Inventory 8,789 Property, plant and equipment 85,002 Liabilities assumed (2,448) Deferred income taxes (8,481) Total identifiable 88,519 Goodwill 8,481 $ 97,000 Cash and fair value due to the short maturity of these instruments. Inventory consisted primarily value as management believes inventory were all valued based on market prices as of May 30, 2021. Property, the assets and subtracting any depreciation resulting from physical deterioration The Company 4.5 50 % equity held before the business combination. The gain Company’s of $ 8.3 7.3 investment 954,000 non-taxable recorded a $ 8.5 The recognition to be deductible for income tax purposes. |
Investment Securities
Investment Securities | 6 Months Ended |
Nov. 27, 2021 | |
Investments Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The following represents the Company’s November 27, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 917 $ 4 $ — $ 921 Commercial paper 5,983 — 2 5,981 Corporate bonds 54,457 110 — 54,567 Asset backed securities 8,239 — 36 8,203 Total current $ 69,596 $ 114 $ 38 $ 69,672 Mutual funds $ 2,105 $ 1,951 $ — $ 4,056 Total noncurrent $ 2,105 $ 1,951 $ — $ 4,056 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 $ 111,505 $ 664 $ 11 $ 112,158 Mutual funds $ 2,306 $ 1,810 $ — $ 4,116 Total noncurrent $ 2,306 $ 1,810 $ — $ 4,116 Available-for-sale Proceeds from 67.9 59.1 twenty-six weeks ended 165 57 losses 67 no twenty-six weeks no 2021. Actual maturities without penalties. Contractual maturities of current investments at November Estimated Fair Value Within one year $ 41,326 1-5 years 28,346 Total $ 69,672 Noncurrent Proceeds 453 ended November 165 thousand. There were no no investment securities during the twenty-six weeks ended November |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Nov. 27, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 4 - Fair Value The Company hierarchy. The knowledgeable, and willing be settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, ◦ Quoted prices for similar assets or liabilities in active markets ◦ Quoted prices for identical or similar assets in non-active markets ◦ Inputs other than quoted prices that are observable for the asset or liability ◦ Inputs derived principally from or corroborated by other observable • Level 3 significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair In liabilities measured at fair value on a recurring basis as of November 27, 2021 and May November 27, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 921 $ — $ 921 Commercial paper — 5,981 — 5,981 Corporate bonds — 54,567 — 54,567 Asset backed securities — 8,203 — 8,203 Mutual funds 4,056 — — 4,056 Total assets measured at fair $ 4,056 $ 69,672 $ — $ 73,728 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 $ 4,116 $ 112,158 $ — $ 116,274 Investment when purchased. We Observable inputs for these securities are yields, credit risks, default rates, and volatility. |
Inventories
Inventories | 6 Months Ended |
Nov. 27, 2021 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories Inventories consisted of the following as of November 27, 2021 November 27, 2021 May 29, 2021 Flocks, net of amortization $ 139,645 $ 123,860 Eggs and egg products 23,043 21,084 Feed and supplies 73,513 73,431 $ 236,201 $ 218,375 We breeders November 27, 2021 consisted of approximately 9.3 42.9 |
Accrued Dividends Payable And D
Accrued Dividends Payable And Dividends per Common Share | 6 Months Ended |
Nov. 27, 2021 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Accrued Dividends Payable And Dividends Per Common Share | Note 6 - Accrued Dividends Payable and Dividends per Common We The Company quarter for in an amount following the to shareholders of record on the 65th day after the Following a quarter for which the Company does not report net income not pay a dividend date of cumulative losses to be recovered before payment of a dividend was $ 21.1 On computation in the following table (in thousands, except per share data): Thirteen Weeks Twenty-six Weeks November 27, November 28, November 27, November 28, Net income (loss) $ 1,173 $ 12,155 $ (16,853) $ (7,244) Cumulative losses to be recovered prior to payment of divided at beginning of period (22,270) (20,769) (4,244) (1,370) Net income available for dividend $ — $ — $ — $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend — Common stock outstanding (shares) 44,057 Class A common stock outstanding (shares) 4,800 Total common stock 48,857 *Dividends per common share outstanding (shares). |
Credit Facility
Credit Facility | 6 Months Ended |
Nov. 27, 2021 | |
Credit Facility [Abstract] | |
Credit Facility | Note 7 – Credit Facility On five - year 2018. “Revolver”), 250 15 issuance 15 accordion Credit Facility 200 one or more times the revolving commitments under the Revolver. no the Credit Facility and $ 4.1 The Eurodollar reserve adjusted one , two , three , six or twelve highest 0.50 % Agent, and (c) the Eurodollar Rate for one 1 % per annum, subject to certain interest The 0.00 % 0.75 % 1.00 % 1.75 % Eurodollar quarterly pricing from 0.15 % 0.25 % quarterly pricing date. The Credit Agreement contains customary provisions The Company (the and (including farm products) and deposit accounts maintained with the Administrative The incurrence of requires maintenance no greater than 50 %; and (ii) a requirement 700 50 % of net Additionally, any trust, partnership, similar limited liability 100 % of the voting control foregoing, shall maintain 50 % of the Company's default under the terms of the one-third payment of other dividend Company and its subsidiaries plus availability under the Credit Facility equals 50 The Credit default, including acceleration Facility. At November 27, 2021, we were in compliance with the covenant requirements of |
Equity
Equity | 6 Months Ended |
Nov. 27, 2021 | |
Equity [Abstract] | |
Equity | Note 8 - Equity The following reflects (in thousands): Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at August 28, 2021 $ 703 $ 48 $ (27,451) $ 65,044 $ (728) $ 957,951 $ — $ 995,567 Other comprehensive loss, net of tax — — — — (268) — — (268) Stock compensation plan transactions — — 1 975 — — — 976 Contributions — — — — — — 3 3 Net income (loss) — — — — — 1,173 (28) 1,145 Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at August 29, 2020 $ 703 $ 48 $ (26,676) $ 61,267 $ 433 $ 956,170 $ 991,945 Other comprehensive loss, net of tax — — — — (282) — (282) Stock compensation plan transactions — — (47) 934 — — 887 Contributions — — — 5 — — 5 Net income — — — — — 12,155 12,155 Balance at November 28, 2020 $ 703 $ 48 $ (26,723) $ 62,206 $ 151 $ 968,325 $ 1,004,710 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Earnings Interest Total Balance at May 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ — $ 1,012,781 Other comprehensive loss, net of tax — — — — (438) — — (438) Stock compensation plan transactions — — (17) 1,975 — — — 1,958 Contributions — — — — — — 3 3 Net loss — — — — — (16,853) (28) (16,881) Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at May 30, 2020 $ 703 $ 48 $ (26,674) $ 60,372 $ 79 $ 975,147 $ 1,009,675 Impact of ASC 326 — — — — — 422 422 Balance at May 31 2020 703 48 (26,674) 60,372 79 975,569 1,010,097 Other comprehensive income, net of tax — — — — 72 — 72 Stock compensation plan transactions — — (49) 1,829 — — 1,780 Contributions — — — 5 — — 5 Net loss — — — — — (7,244) (7,244) Balance at November 28, 2020 $ 703 $ 48 $ (26,723) $ 62,206 $ 151 $ 968,325 $ 1,004,710 |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 6 Months Ended |
Nov. 27, 2021 | |
Net Income (Loss) per Common Share [Abstract] | |
Net Loss per Common Share | Note 9 - Net Income (Loss) per Common Share Basic net Diluted net income the dilutive 145 139 losses for the first twenty-six weeks of fiscal 2022 per share calculation. The income per common share (amounts in thousands, except per share data): Thirteen Weeks Twenty-six Weeks November 27, 2021 November 28, 2020 November 27, 2021 November 28, 2020 Numerator Net income (loss) $ 1,145 $ 12,155 $ (16,881) $ (7,244) Less: Loss attributable to noncontrolling interest (28) — (28) — Net income (loss) attributable to Cal- Maine Foods, Inc. $ 1,173 $ 12,155 $ (16,853) $ (7,244) Denominator Weighted-average outstanding, basic 48,857 48,501 48,859 48,501 Effect of dilutive restricted shares 159 144 — — Weighted-average outstanding, diluted 49,016 48,645 48,859 48,501 Net income (loss) per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.02 $ 0.25 $ (0.34) $ (0.15) Diluted $ 0.02 $ 0.25 $ (0.34) $ (0.15) |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Nov. 27, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 10 - Revenue Recognition Satisfaction of Performance Obligation Most of the Pricing for the contract for that order. Revenues are shell eggs our upon satisfaction customer agreeing upon the order. Returns and Refunds Some of our contracts customer is unable data corresponding reduction in trade accounts receivable. Sales Incentives Provided to Customers The discount offers a minimum reduction reduction historical ‘‘Net sales.’’ Disaggregation of Revenue The following table provides revenue disaggregated by product category Thirteen Weeks Twenty-six Weeks November 27, 2021 November 28, 2020 November 27, 2021 November 28, 2020 Conventional shell egg sales $ 223,258 $ 201,725 $ 405,807 $ 357,109 Specialty shell egg sales 155,853 134,082 294,510 263,327 Egg products 11,401 9,932 20,767 16,637 Other 391 1,589 1,523 3,037 $ 390,903 $ 347,328 $ 722,607 $ 640,110 Contract Costs The Company can incur costs to one year, and is immaterial. Contract Balances The Company There are rarely contract assets or liabilities related to performance under |
Leases
Leases | 6 Months Ended |
Nov. 27, 2021 | |
Leases [Abstract] | |
Leases | Note 11 - Leases Expenses related in Cost of sales, Selling general and administrative expense, and of Operations. The Company’s lease cost consists Thirteen Weeks Twenty-six Weeks November 27, 2021 November 27, 2021 Operating lease cost $ 208 $ 425 Finance lease cost Amortization of right-of-use asset $ 44 $ 88 Interest on lease obligations $ 7 $ 14 Short term lease cost $ 1,097 $ 2,135 Future minimum lease payments under non-cancelable leases are as follows As of November 27, 2021 Operating Leases Finance Leases Remainder fiscal 2022 $ 378 $ 120 2023 539 239 2024 380 217 2025 130 — 2026 26 — 2027 5 — Total 1,458 576 Less imputed interest (111) (30) Total $ 1,347 $ 546 The Balance Sheet are as follows: As of November 27, 2021 Operating Leases Finance Leases Weighted-average 2.6 2.0 Weighted-average 5.9 % 4.9 % |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Nov. 27, 2021 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 12 - Stock Based Compensation Total stock-based 2.0 1.8 and November 28, 2020, respectively. Unrecognized Restated 4.6 average period of 1.7 16: Stock Compensation Plans in our 2021 Annual Report for further information The Company’s restricted share activity Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 29, 2021 302,147 $ 39.37 Vested (1,359) 40.34 Forfeited (1,460) 37.70 Outstanding, November 27, 2021 299,328 $ 39.38 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Nov. 27, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 13 - Commitments and Contingencies Financial Instruments The 4.1 under recorded as a liability on the consolidated balance sheets. LEGAL PROCEEDINGS State of Texas On April of Court of violation (“DTPA”). COVID-19 permanent $ 100,000 prejudice. On September First District. The 8, 2021. The to this matter to be remote. Bell et al. v. Cal-Maine Foods et al. On 1:20-cv-461, producers, and farms. Plaintiffs assert that defendants for eggs Plaintiffs seek to enjoin eggs prior 10,000 250,000 each violation motion to motion to judge dismissed without report complaint; thereafter, case without of motion. Kraft Foods Global, Inc. et al. v. As previously cases involving plaintiffs who sought remaining plaintiffs The Kellogg Company. On September the MDL No. 2002, to Egg defendants illegally to raise the prices that plaintiffs certain features of producers. The and seek the preparing a final pretrial docket entry, informed status hearing was stricken. No trial schedule has yet been entered by the In addition, dismissing condition or results not yet entered a judgment on the filing. The Company intends to on resolution of management Products Plaintiffs, due to a range of remand; factual issues money damages). State of Oklahoma Watershed Pollution On June 18, against Cal-Maine Foods, Inc. and Inc. and chicken The complaint court. Foods, remediation. Since 100 % of the Foods, LLC, LLC is not a defendant in the litigation. The trial in the case has not yet issued its ruling. Management believes the risk of material loss related Other Matters In addition to outcome of the final outcome should not have a material effect on the Company’s |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Nov. 27, 2021 | |
Related Party Transaction [Abstract] | |
Related Party Transaction | Note 14 - Related Party Transaction On Adams, beneficiaries 6,900,000 Common Stock held by them, pursuant to a previously as an exhibit to our 2021 Annual Report. Mrs. Adams and the offering including the Prospectus each of Common capital legal 1.1 million. Pursuant to the Agreement, the Selling Stockholders reimbursed 551 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Nov. 27, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The "we," Therefore, they United Report adjustments that are, in and, periods are not necessarily indicative of operating results for the entire fiscal |
Fiscal Year | Fiscal Year The Company's ended on November 27, 2021 and November 28, 2020 included |
Use of Estimates | Use of Estimates The preparation of the assumptions could differ from those estimates. The severity, changing periods in response to COVID-19. |
Investment Securities | Investment Securities Our investment 320”). restrictions current, because the with unrealized changes to losses through cost Gains and losses are recognized in other income of Consolidated Balance Sheets. |
Trade Receivables | Trade Receivables Trade receivables 29, 1.1 795 customers based on The monitoring assigned factors. |
Business Combinations | Business Combinations The acquisitions. non-financial assets acquired is determined internally. remaining estimated life of the assets acquired and what management |
Change in Accounting Principle | Change in Accounting Principle Effective intended instruments held by financial institutions and other organizations. an “expected based guidance on the period of risk “expected guidance and recorded a $ 422 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Acquisitions [Abstract] | |
Allocation of Purchase Price | Cash consideration paid $ 48,500 Fair value of the Company's equity interest in Red River held before the business combination 48,500 $ 97,000 Recognized amounts of identifiable assets acquired and liabilities assumed Cash $ 3,677 Accounts receivable, net 1,980 Inventory 8,789 Property, plant and equipment 85,002 Liabilities assumed (2,448) Deferred income taxes (8,481) Total identifiable 88,519 Goodwill 8,481 $ 97,000 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | November 27, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 917 $ 4 $ — $ 921 Commercial paper 5,983 — 2 5,981 Corporate bonds 54,457 110 — 54,567 Asset backed securities 8,239 — 36 8,203 Total current $ 69,596 $ 114 $ 38 $ 69,672 Mutual funds $ 2,105 $ 1,951 $ — $ 4,056 Total noncurrent $ 2,105 $ 1,951 $ — $ 4,056 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 $ 111,505 $ 664 $ 11 $ 112,158 Mutual funds $ 2,306 $ 1,810 $ — $ 4,116 Total noncurrent $ 2,306 $ 1,810 $ — $ 4,116 |
Schedule Of Contractual Maturities Of Investment Securities | Estimated Fair Value Within one year $ 41,326 1-5 years 28,346 Total $ 69,672 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | November 27, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 921 $ — $ 921 Commercial paper — 5,981 — 5,981 Corporate bonds — 54,567 — 54,567 Asset backed securities — 8,203 — 8,203 Mutual funds 4,056 — — 4,056 Total assets measured at fair $ 4,056 $ 69,672 $ — $ 73,728 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 $ 4,116 $ 112,158 $ — $ 116,274 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | November 27, 2021 May 29, 2021 Flocks, net of amortization $ 139,645 $ 123,860 Eggs and egg products 23,043 21,084 Feed and supplies 73,513 73,431 $ 236,201 $ 218,375 |
Accrued Dividends Payable And_2
Accrued Dividends Payable And Dividends per Common Share (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Schedule of Dividends | Thirteen Weeks Twenty-six Weeks November 27, November 28, November 27, November 28, Net income (loss) $ 1,173 $ 12,155 $ (16,853) $ (7,244) Cumulative losses to be recovered prior to payment of divided at beginning of period (22,270) (20,769) (4,244) (1,370) Net income available for dividend $ — $ — $ — $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend — Common stock outstanding (shares) 44,057 Class A common stock outstanding (shares) 4,800 Total common stock 48,857 *Dividends per common share outstanding (shares). |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Equity [Abstract] | |
Schedule of Statement of Stockholders' Equity Activities, Including Noncontrolling Interest | Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at August 28, 2021 $ 703 $ 48 $ (27,451) $ 65,044 $ (728) $ 957,951 $ — $ 995,567 Other comprehensive loss, net of tax — — — — (268) — — (268) Stock compensation plan transactions — — 1 975 — — — 976 Contributions — — — — — — 3 3 Net income (loss) — — — — — 1,173 (28) 1,145 Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Earnings Interest Total Balance at May 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ — $ 1,012,781 Other comprehensive loss, net of tax — — — — (438) — — (438) Stock compensation plan transactions — — (17) 1,975 — — — 1,958 Contributions — — — — — — 3 3 Net loss — — — — — (16,853) (28) (16,881) Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at August 29, 2020 $ 703 $ 48 $ (26,676) $ 61,267 $ 433 $ 956,170 $ 991,945 Other comprehensive loss, net of tax — — — — (282) — (282) Stock compensation plan transactions — — (47) 934 — — 887 Contributions — — — 5 — — 5 Net income — — — — — 12,155 12,155 Balance at November 28, 2020 $ 703 $ 48 $ (26,723) $ 62,206 $ 151 $ 968,325 $ 1,004,710 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at May 30, 2020 $ 703 $ 48 $ (26,674) $ 60,372 $ 79 $ 975,147 $ 1,009,675 Impact of ASC 326 — — — — — 422 422 Balance at May 31 2020 703 48 (26,674) 60,372 79 975,569 1,010,097 Other comprehensive income, net of tax — — — — 72 — 72 Stock compensation plan transactions — — (49) 1,829 — — 1,780 Contributions — — — 5 — — 5 Net loss — — — — — (7,244) (7,244) Balance at November 28, 2020 $ 703 $ 48 $ (26,723) $ 62,206 $ 151 $ 968,325 $ 1,004,710 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Net Income (Loss) per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | Thirteen Weeks Twenty-six Weeks November 27, 2021 November 28, 2020 November 27, 2021 November 28, 2020 Numerator Net income (loss) $ 1,145 $ 12,155 $ (16,881) $ (7,244) Less: Loss attributable to noncontrolling interest (28) — (28) — Net income (loss) attributable to Cal- Maine Foods, Inc. $ 1,173 $ 12,155 $ (16,853) $ (7,244) Denominator Weighted-average outstanding, basic 48,857 48,501 48,859 48,501 Effect of dilutive restricted shares 159 144 — — Weighted-average outstanding, diluted 49,016 48,645 48,859 48,501 Net income (loss) per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.02 $ 0.25 $ (0.34) $ (0.15) Diluted $ 0.02 $ 0.25 $ (0.34) $ (0.15) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Thirteen Weeks Twenty-six Weeks November 27, 2021 November 28, 2020 November 27, 2021 November 28, 2020 Conventional shell egg sales $ 223,258 $ 201,725 $ 405,807 $ 357,109 Specialty shell egg sales 155,853 134,082 294,510 263,327 Egg products 11,401 9,932 20,767 16,637 Other 391 1,589 1,523 3,037 $ 390,903 $ 347,328 $ 722,607 $ 640,110 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | Thirteen Weeks Twenty-six Weeks November 27, 2021 November 27, 2021 Operating lease cost $ 208 $ 425 Finance lease cost Amortization of right-of-use asset $ 44 $ 88 Interest on lease obligations $ 7 $ 14 Short term lease cost $ 1,097 $ 2,135 |
Schedule of Future Minimum Lease Payments | As of November 27, 2021 Operating Leases Finance Leases Remainder fiscal 2022 $ 378 $ 120 2023 539 239 2024 380 217 2025 130 — 2026 26 — 2027 5 — Total 1,458 576 Less imputed interest (111) (30) Total $ 1,347 $ 546 |
Schedule of Weighted-Average Information | As of November 27, 2021 Operating Leases Finance Leases Weighted-average 2.6 2.0 Weighted-average 5.9 % 4.9 % |
Stock Based Compensation (Tabl
Stock Based Compensation (Tables) | 6 Months Ended |
Nov. 27, 2021 | |
Stock Based Compensation [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 29, 2021 302,147 $ 39.37 Vested (1,359) 40.34 Forfeited (1,460) 37.70 Outstanding, November 27, 2021 299,328 $ 39.38 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Nov. 27, 2021 | May 29, 2021 | May 30, 2020 |
Significant Accounting Policies [Line Items] | |||
Reserves for credit losses | $ 1,100 | $ 795 | |
Stockholders' equity | 997,448 | $ 1,012,781 | |
Retained Earnings [Member] | |||
Significant Accounting Policies [Line Items] | |||
Stockholders' equity | $ 959,124 | ||
Retained Earnings [Member] | Restatement Adjustment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Stockholders' equity | $ 422 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - Red River Valley Egg Farm Llc [Member] Layers in Millions | May 30, 2021USD ($)aLayers | May 29, 2021 |
Business Acquisition [Line Items] | ||
Business acquisition, percentage of voting interest acquired | 50.00% | |
Number of laying hens acquired | Layers | 1.7 | |
Area of land | a | 400 | |
Gain on remeasurement of interest held prior to acquisition | $ 4,500,000 | |
Ownership percentage | 50.00% | |
Discrete income tax benefit | 8,300,000 | |
Reduction of deferred income tax related to outside-basis of equity investment | 7,300,000 | |
Reduction to income tax expense on remeasurement gain | 954,000 | |
Deferred tax liability recognized | $ 8,481,000 |
Acquisition (Allocation of Purc
Acquisition (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | May 30, 2021 | Nov. 27, 2021 | May 29, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 44,006 | $ 35,525 | |
Red River Valley Egg Farm Llc [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration paid | $ 48,500 | ||
Fair value of the Company's equity interest in Red River held before the business combination | 48,500 | ||
Business combination, consideration transferred | 97,000 | ||
Cash | 3,677 | ||
Accounts receivable, net | 1,980 | ||
Inventory | 8,789 | ||
Property, plant and equipment | 85,002 | ||
Liabilities assumed | (2,448) | ||
Deferred income taxes | (8,481) | ||
Total identifiable assets, net | 88,519 | ||
Goodwill | 8,481 | ||
Total identifiable assets and goodwill, net | $ 97,000 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Nov. 27, 2021 | Nov. 28, 2020 | May 29, 2021 | |
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 67,900,000 | $ 59,100,000 | |
Proceeds from sale of available-for-sale securities, noncurrent | 453,000 | 0 | |
Gross realized gains on sales of available-for-sale securities, current | 165,000 | 57,000 | |
Gross realized gains on sales of available-for-sale securities, noncurrent | 165,000 | ||
Gross realized losses on sales of available-for-sale securities, current | 67,000 | $ 0 | |
Gross realized losses on sales of available-for-sale securities, noncurrent | 0 | ||
Allowance for credit losses | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Nov. 27, 2021 | May 29, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | $ 69,596 | $ 111,505 |
Unrealized Gains, Current | 114 | 664 |
Unrealized Losses, Current | 38 | 11 |
Estimated Fair Value, Current | 69,672 | 112,158 |
Amortized Cost, Noncurrent | 2,105 | 2,306 |
Unrealized Gains, Noncurrent | 1,951 | 1,810 |
Unrealized Losses, Noncurrent | 0 | 0 |
Estimated Fair Value, Noncurrent | 4,056 | 4,116 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 917 | 16,424 |
Unrealized Gains, Current | 4 | 56 |
Unrealized Losses, Current | 0 | 0 |
Estimated Fair Value, Current | 921 | 16,480 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 5,983 | 1,998 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 2 | 0 |
Estimated Fair Value, Current | 5,981 | 1,998 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 54,457 | 80,092 |
Unrealized Gains, Current | 110 | 608 |
Unrealized Losses, Current | 0 | 0 |
Estimated Fair Value, Current | 54,567 | 80,700 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 1,077 | |
Unrealized Gains, Current | 0 | |
Unrealized Losses, Current | 1 | |
Estimated Fair Value, Current | 1,076 | |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 8,239 | 11,914 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 36 | 10 |
Estimated Fair Value, Current | 8,203 | 11,904 |
Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Noncurrent | 2,105 | 2,306 |
Unrealized Gains, Noncurrent | 1,951 | 1,810 |
Unrealized Losses, Noncurrent | 0 | 0 |
Estimated Fair Value, Noncurrent | $ 4,056 | $ 4,116 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Nov. 27, 2021 | May 29, 2021 |
Investments Securities [Abstract] | ||
Within one year | $ 41,326 | |
1-5 years | 28,346 | |
Total | $ 69,672 | $ 112,158 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands | Aug. 28, 2021 | May 29, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 73,728 | $ 116,274 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,056 | 4,116 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 69,672 | 112,158 |
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 | 921 | 16,480 |
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 | 921 | 16,480 |
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 | 5,981 | 1,998 |
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 | 5,981 | 1,998 |
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 | 54,567 | 80,700 |
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 | 54,567 | 80,700 |
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 | |
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 | |
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 | |
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 | |
Asset Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,203 | 11,904 |
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 | 8,203 | 11,904 |
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 | 4,056 | 4,116 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,056 | 4,116 |
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) Pellets in Millions, Layers in Millions | Nov. 27, 2021LayersPellets |
Inventories [Abstract] | |
Pullets and breeders | Pellets | 9.3 |
Layers | Layers | 42.9 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Nov. 27, 2021 | May 29, 2021 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 139,645 | $ 123,860 |
Eggs and egg products | 23,043 | 21,084 |
Feed and supplies | 73,513 | 73,431 |
Total inventories | $ 236,201 | $ 218,375 |
Accrued Dividends Payable And_3
Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) $ in Millions | Nov. 27, 2021USD ($) |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Cumulative losses to be recovered prior to paying dividend | $ 21.1 |
Accrued Dividends Payable And_4
Accrued Dividends Payable And Dividends per Common Share (Schedule of Dividends) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Nov. 27, 2021 | Nov. 28, 2020 | Aug. 29, 2020 | Nov. 27, 2021 | Nov. 28, 2020 | |
Class of Stock [Line Items] | |||||
Net Income (Loss) | $ 1,173 | $ 12,155 | $ (16,853) | $ (7,244) | |
Cumulative losses to be recovered prior to payment of divided at beginning of period | (22,270) | $ (20,769) | (4,244) | (1,370) | |
Net income 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) | 48,857 | 48,857 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock outstanding (shares) | 44,057 | 44,057 | |||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock outstanding (shares) | 4,800 | 4,800 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - Credit Agreement [Member] | 6 Months Ended |
Nov. 27, 2021USD ($) | |
Line Of Credit Facility [Line Items] | |
Credit facility term | 5 years |
Maximum borrowing capacity | $ 250,000,000 |
Available additional capacity | 200,000,000 |
Amount outstanding | $ 0 |
Maximum total funded debt to capitalization ratio | 50.00% |
Minimum tangible net worth, amount | $ 700,000,000 |
Minimum tangible net worth, percentage of net income | 50.00% |
Threshold of voting control in related entities that requires compliance with covenant | 100.00% |
Minimum amount of company voting stock | 50.00% |
Dividend policy, percentage | 33.33% |
Minimum cash, cash equivalents, and credit facility availability | $ 50,000,000 |
Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Commitment fee | 0.15% |
Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Commitment fee | 0.25% |
Eurodollar [Member] | Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.00% |
Eurodollar [Member] | Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.75% |
Eurodollar, One Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 1 month |
Eurodollar, Two Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 2 months |
Eurodollar, Three Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 3 months |
Eurodollar, Six Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 6 months |
Eurodollar, Twelve Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 12 months |
Base Rate [Member] | Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.00% |
Base Rate [Member] | Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.75% |
Base Rate, Federal Funds [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.50% |
Base Rate, Eurodollar [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 1 month |
Basis spread on variable rate | 1.00% |
Standby Letters of Credit [Member] | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15,000,000 |
Amount outstanding | 4,100,000 |
Swingline [Member] | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15,000,000 |
Equity (Schedule of Statement o
Equity (Schedule of Statement of Stockholders' Equity Activities, Including Noncontrolling Interest) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 27, 2021 | Nov. 28, 2020 | Nov. 27, 2021 | Nov. 28, 2020 | |
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | $ 995,567,000 | $ 991,945,000 | $ 1,012,781,000 | $ 1,009,675,000 |
Other comprehensive income (loss), net of tax | (268,000) | (282,000) | (438,000) | 72,000 |
Stock compensation plan transactions | 976,000 | 887,000 | 1,958,000 | 1,780,000 |
Contributions | 3,000 | 5,000 | 3,000 | 5,000 |
Net income (loss) | 1,145,000 | 12,155,000 | (16,881,000) | (7,244,000) |
Ending balance | 997,423,000 | 1,004,710,000 | 997,423,000 | 1,004,710,000 |
Adjustment [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 422,000 | |||
Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 1,010,097,000 | |||
Treasury Stock [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (27,451,000) | (26,676,000) | (27,433,000) | (26,674,000) |
Stock compensation plan transactions | 1,000 | (47,000) | (17,000) | (49,000) |
Ending balance | (27,450,000) | (26,723,000) | (27,450,000) | (26,723,000) |
Treasury Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (26,674,000) | |||
Additional Paid-in Capital [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 65,044,000 | 61,267,000 | 64,044,000 | 60,372,000 |
Stock compensation plan transactions | 975,000 | 934,000 | 1,975,000 | 1,829,000 |
Contributions | 5,000 | 5,000 | ||
Ending balance | 66,019,000 | 62,206,000 | 66,019,000 | 62,206,000 |
Additional Paid-in Capital [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 60,372,000 | |||
AOCI Attributable to Parent [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (728,000) | 433,000 | (558,000) | 79,000 |
Other comprehensive income (loss), net of tax | (268,000) | (282,000) | (438,000) | 72,000 |
Ending balance | (996,000) | 151,000 | (996,000) | 151,000 |
AOCI Attributable to Parent [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 79,000 | |||
Retained Earnings [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 957,951,000 | 956,170,000 | 975,977,000 | 975,147,000 |
Net income (loss) | 1,173,000 | 12,155,000 | (16,853,000) | (7,244,000) |
Ending balance | 959,124,000 | 968,325,000 | 959,124,000 | 968,325,000 |
Retained Earnings [Member] | Adjustment [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 422,000 | |||
Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 975,569,000 | |||
Noncontrolling Interest [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Contributions | 3,000 | 3,000 | ||
Net income (loss) | (28,000) | (28,000) | ||
Ending balance | (25,000) | (25,000) | ||
Common Stock [Member] | Common Stock [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 703,000 | 703,000 | 703,000 | 703,000 |
Ending balance | 703,000 | 703,000 | 703,000 | 703,000 |
Common Stock [Member] | Common Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 703,000 | |||
Class A Common Stock [Member] | Common Stock [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 48,000 | 48,000 | 48,000 | 48,000 |
Ending balance | $ 48,000 | $ 48,000 | $ 48,000 | 48,000 |
Class A Common Stock [Member] | Common Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | $ 48,000 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share (Narrative) (Details) - shares shares in Thousands | 6 Months Ended | |
Nov. 27, 2021 | Nov. 28, 2020 | |
Net Income (Loss) per Common Share [Abstract] | ||
Antidilutive restricted shares | 145 | 139 |
Net Income (Loss) per Common _4
Net Income (Loss) 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 | 6 Months Ended | ||
Nov. 27, 2021 | Nov. 28, 2020 | Nov. 27, 2021 | Nov. 28, 2020 | |
Net Income (Loss) per Common Share [Abstract] | ||||
Net income (loss) | $ 1,145 | $ 12,155 | $ (16,881) | $ (7,244) |
Less: Loss attributable to noncontrolling interest | (28) | 0 | (28) | 0 |
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 1,173 | $ 12,155 | $ (16,853) | $ (7,244) |
Denominator | ||||
Weighted-average common shares outstanding, basic (in shares) | 48,857 | 48,501 | 48,859 | 48,501 |
Effect of dilutive restricted shares (in shares) | 159 | 144 | ||
Weighted-average common shares outstanding, diluted (in shares) | 49,016 | 48,645 | 48,859 | 48,501 |
Net income per common share attributable to Cal-Maine Foods, Inc. | ||||
Basic (in dollars per share) | $ 0.02 | $ 0.25 | $ (0.34) | $ (0.15) |
Diluted (in dollars per share) | $ 0.02 | $ 0.25 | $ (0.34) | $ (0.15) |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 27, 2021 | Nov. 28, 2020 | Nov. 27, 2021 | Nov. 28, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 390,903 | $ 347,328 | $ 722,607 | $ 640,110 |
Conventional shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 223,258 | 201,725 | 405,807 | 357,109 |
Specialty shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 155,853 | 134,082 | 294,510 | 263,327 |
Egg products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 11,401 | 9,932 | 20,767 | 16,637 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 391 | $ 1,589 | $ 1,523 | $ 3,037 |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Nov. 27, 2021 | Nov. 27, 2021 | |
Leases [Abstract] | ||
Operating Lease cost | $ 208 | $ 425 |
Finance Lease cost | ||
Amortization of right-of-use asset | 44 | 88 |
Interest on lease obligations | 7 | 14 |
Short term lease cost | $ 1,097 | $ 2,135 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Nov. 27, 2021USD ($) |
Operating Leases | |
Remainder of fiscal 2022 | $ 378 |
2023 | 539 |
2024 | 380 |
2025 | 130 |
2026 | 26 |
2027 | 5 |
Total | 1,458 |
Less imputed interest | (111) |
Total | 1,347 |
Finance Leases | |
Remainder fiscal 2022 | 120 |
2023 | 239 |
2024 | 217 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Total | 576 |
Less imputed interest | (30) |
Total | $ 546 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Information) (Details) | Nov. 27, 2021 |
Operating Leases | |
Weighted-average remaining lease term (years) | 2 years 7 months 6 days |
Weighted-average discount rate | 5.90% |
Finance Leases | |
Weighted-average remaining lease term (years) | 2 years |
Weighted-average discount rate | 4.90% |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 27, 2021 | Nov. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 4.6 | |
Weighted average period of unrecognized compensation expense | 1 year 8 months 12 days | |
Stock based compensation expense (benefit) | $ 2 | $ 1.8 |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Equity Award Activity) (Details) shares in Thousands | 6 Months Ended |
Nov. 27, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Number of Shares, Outstanding, Beginning Balance (in shares) | shares | 302,147 |
Number of Shares, Vested (in shares) | shares | (1,359) |
Number of Shares, Forfeited (in shares) | shares | (1,460) |
Number of Shares, Outstanding, Ending Balance (in shares) | shares | 299,328 |
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) | $ / shares | $ 39.37 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 40.34 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 37.70 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 39.38 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Apr. 30, 2020 | Apr. 23, 2020 | Nov. 27, 2021 |
Loss Contingencies [Line Items] | |||
Standby letters of credit | $ 4,100,000 | ||
Benton County Foods [Member] | |||
Loss Contingencies [Line Items] | |||
Ownership interest | 100.00% | ||
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 | $ 10,000 | ||
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 250,000 |
Related Party Transaction (Narr
Related Party Transaction (Narrative) (Details) - 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 |