Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May 28, 2022 | Jul. 19, 2022 | Nov. 26, 2021 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | May 28, 2022 | ||
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 | $ 1,428,528,739 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED The information called for its 2022 year covered by this report. | ||
Current Fiscal Year End Date | --05-28 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000016160 | ||
Auditor Name | Frost, PLLC | ||
Auditor Firm Id | 5348 | ||
Auditor Location | Little Rock, Arkansas | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 44,139,524 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 59,084 | $ 57,352 |
Investment securities available-for-sale | 115,429 | 112,158 |
Receivables: | ||
Trade receivables, net | 169,109 | 79,066 |
Income taxes receivable | 42,147 | 42,516 |
Other | 8,148 | 5,057 |
Total receivables, net | 219,404 | 126,639 |
Inventories, net | 263,316 | 218,375 |
Prepaid expenses and other current assets | 4,286 | 5,407 |
Total current assets | 661,519 | 519,931 |
Property, plant & equipment, net | 677,796 | 589,417 |
Finance lease right-of-use asset, net | 371 | 525 |
Operating lease right-of-use asset, net | 1,005 | 1,724 |
Investments in unconsolidated entities | 15,530 | 54,941 |
Goodwill | 44,006 | 35,525 |
Intangible assets, net | 18,131 | 20,341 |
Other long-term assets | 9,131 | 6,770 |
Total assets | 1,427,489 | 1,229,174 |
Current liabilities: | ||
Trade accounts payable | 82,049 | 52,784 |
Dividends payable | 36,656 | 0 |
Accrued wages and benefits | 26,059 | 23,812 |
Income tax payable | 25,687 | 0 |
Accrued expenses and other liabilities | 13,527 | 12,595 |
Current portion of finance lease obligation | 224 | 215 |
Current portion of operating lease obligation | 472 | 691 |
Total current liabilities | 184,674 | 90,097 |
Long-term finance lease obligation | 214 | 438 |
Long-term operating lease obligation | 533 | 1,034 |
Other noncurrent liabilities | 9,527 | 10,416 |
Deferred income taxes | 128,196 | 114,408 |
Total liabilities | 323,144 | 216,393 |
Commitments and contingencies - see Note 18 | ||
Stockholders' equity: | ||
Paid-in capital | 67,989 | 64,044 |
Retained earnings | 1,065,854 | 975,977 |
Accumulated other comprehensive income (loss), net of tax | (1,596) | (558) |
Common stock in treasury at cost - 26,121 and 26,202 shares in 2022 and 2021, respectively | (28,447) | (27,433) |
Total Cal-Maine Foods, Inc. stockholders' equity | 1,104,551 | 1,012,781 |
Noncontrolling interest in consolidated entity | (206) | 0 |
Total stockholders' equity | 1,104,345 | 1,012,781 |
Total Liabilities and Stockholders' Equity | 1,427,489 | 1,229,174 |
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 28, 2022 | May 29, 2021 |
Common stock in treasury (in shares) | 26,121 | 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 | 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 28, 2022 | May 29, 2021 | May 30, 2020 | |
Consolidated Statements of Income [Abstract] | |||
Net sales | $ 1,777,159 | $ 1,348,987 | $ 1,351,609 |
Cost of sales | 1,440,100 | 1,188,326 | 1,172,021 |
Gross profit | 337,059 | 160,661 | 179,588 |
Selling, general and administrative | 198,631 | 183,943 | 178,237 |
(Gain) loss on disposal of fixed assets | (5,109) | 2,982 | 82 |
Operating income (loss) | 143,537 | (26,264) | 1,269 |
Other income (expense): | |||
Interest expense | (403) | (213) | (498) |
Interest income | 988 | 2,828 | 4,962 |
Patronage dividends | 10,130 | 9,004 | 10,096 |
Equity in income of unconsolidated entities | 1,943 | 622 | 534 |
Other, net | 9,820 | 4,074 | 3,696 |
Total other income | 22,478 | 16,315 | 18,790 |
Income (loss) before income taxes | 166,015 | (9,949) | 20,059 |
Income tax expense (benefit) | 33,574 | (12,009) | 1,731 |
Net income | 132,441 | 2,060 | 18,328 |
Less: Net loss attributable to noncontrolling interest | (209) | 0 | (63) |
Net income attributable to Cal-Maine Foods, Inc. | $ 132,650 | $ 2,060 | $ 18,391 |
Net income per common share: | |||
Basic (in dollars per share) | $ 2.73 | $ 0.04 | $ 0.38 |
Diluted (in dollars per share) | $ 2.72 | $ 0.04 | $ 0.38 |
Weighted average shares outstanding: | |||
Basic (in shares) | 48,581 | 48,522 | 48,467 |
Diluted (in shares) | 48,734 | 48,656 | 48,584 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 132,441 | $ 2,060 | $ 18,328 |
Other comprehensive loss, before tax: | |||
Unrealized holding gain (loss) available-for-sale securities, net of reclassification adjustments | (1,398) | (736) | 59 |
Increase in accumulated post-retirement benefits obligation, net of reclassification adjustments | (9) | (137) | (445) |
Other comprehensive loss, before tax | (1,407) | (873) | (386) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | (369) | (236) | (110) |
Other comprehensive loss, net of tax | (1,038) | (637) | (276) |
Comprehensive income | 131,403 | 1,423 | 18,052 |
Less: comprehensive loss attributable to the noncontrolling interest | (209) | 0 | (63) |
Comprehensive income attributable to Cal-Maine Foods, Inc. | $ 131,612 | $ 1,423 | $ 18,115 |
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] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] Adjusted Balance [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] Common Stock [Member] | Class A Common Stock [Member] Common Stock [Member] Adjusted Balance [Member] |
Beginning 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 | |||||||||||||||
Stock compensation plan transactions | 2,707 | $ (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 (loss) | 18,328 | 18,391 | (63) | ||||||||||||||
Other comprehensive loss, net of tax | (276) | (276) | |||||||||||||||
Ending 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 | $ 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 | |||||||||||||
Stock compensation plan transactions | 2,908 | $ (759) | 3,667 | ||||||||||||||
Stock compensation plan transactions (in shares) | (85) | ||||||||||||||||
Distributions to noncontrolling interest partners | (1,652) | ||||||||||||||||
Dividends | (1,652) | ||||||||||||||||
Contributions | 5 | 5 | |||||||||||||||
Net income (loss) | 2,060 | 2,060 | |||||||||||||||
Other comprehensive loss, net of tax | (637) | (637) | |||||||||||||||
Ending 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 | |||||||||||||||
Stock compensation plan transactions | 2,931 | $ (1,014) | 3,945 | ||||||||||||||
Stock compensation plan transactions (in shares) | (81) | ||||||||||||||||
Dividends | (42,773) | (42,773) | |||||||||||||||
Contributions | 3 | 3 | |||||||||||||||
Net income (loss) | 132,441 | 132,650 | (209) | ||||||||||||||
Other comprehensive loss, net of tax | (1,038) | (1,038) | |||||||||||||||
Ending balance at May. 28, 2022 | $ 1,104,345 | $ 703 | $ (28,447) | $ 67,989 | $ 1,065,854 | $ (1,596) | $ (206) | $ 48 | |||||||||
Balance (in shares) at May. 28, 2022 | 70,261 | ||||||||||||||||
Balance (in shares) at May. 28, 2022 | 26,121 | 4,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 132,441 | $ 2,060 | $ 18,328 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 68,395 | 59,477 | 58,103 |
Deferred income taxes | 5,676 | 22,351 | 10,281 |
Equity in income of affiliates | (1,943) | (622) | (534) |
(Gain) Loss on disposal of property, plant and equipment | (5,109) | 2,982 | 82 |
Impairment loss on fixed assets | 0 | 196 | 2,919 |
Stock compensation expense, net of amounts paid | 4,063 | 3,778 | 3,617 |
Unrealized losses on investments | (745) | 1,810 | 744 |
Gains on sales of investments | (2,208) | (22) | (611) |
Purchases of equity securities | 3,469 | (334) | (275) |
Sales of equity securities | 4,939 | 55 | 1,212 |
Amortization of investments | 977 | 890 | 316 |
Gain on change in fair value of investment in affiliates | (4,545) | 0 | 0 |
Other | (109) | (427) | (248) |
Change in operating assets and liabilities, net of effects from acquisitions: | |||
Increase in receivables and other assets | (97,722) | (33,487) | (28,300) |
Increase in inventories | (36,152) | (31,159) | (9,704) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 54,782 | (1,412) | 17,679 |
Net cash provided by operations | 126,209 | 26,136 | 73,609 |
Cash flows from investing activities: | |||
Purchases of investments | (98,243) | (88,283) | (107,234) |
Sales of investments | 92,703 | 129,108 | 204,277 |
Acquisition of business, net of cash acquired | (44,823) | 0 | (44,650) |
Investment in unconsolidated entities | (3,000) | 0 | 0 |
Distributions from unconsolidated entities | 400 | 6,663 | 7,114 |
Purchases of property, plant and equipment | (72,399) | (95,069) | (124,178) |
Net proceeds from disposal of property, plant and equipment | 8,341 | 3,390 | 3,306 |
Net cash used in investing activities | (117,021) | (44,191) | (61,365) |
Cash flows from financing activities: | |||
Principal payments on long-term debt | 0 | 0 | (1,500) |
Principal payments on finance lease | (215) | (205) | (196) |
Distributions to noncontrolling interest partners | 0 | 0 | (755) |
Purchase of common stock by treasury | (1,127) | (871) | (910) |
Payments of dividends | (6,117) | (1,652) | 0 |
Contributions | 3 | 5 | 0 |
Net cash used in financing activities | (7,456) | (2,723) | (3,361) |
Increase (decrease) in cash and cash equivalents | 1,732 | (20,778) | 8,883 |
Cash and cash equivalents at beginning of year | 57,352 | 78,130 | 69,247 |
Cash and cash equivalents at end of year | 59,084 | 57,352 | 78,130 |
Supplemental information: | |||
Cash paid for operating leases | 805 | 929 | 871 |
Income taxes paid | 2,214 | 995 | 32 |
Interest paid | $ 379 | $ 508 | $ 498 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
May 28, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Nature of Operations Cal-Maine Foods, Inc. (“we,” fresh shell eggs, including nutritionally-enhanced, cage-free, which is headquartered and sells the majority the United States. Principles of Consolidation The consolidated financial statements include over which we exercise control. All significant intercompany transactions and Fiscal Year The Company’s fiscal year-end is on the Saturday closest to May 31. Each of the year-to-date periods May 28, 2022 , May 29, 2021, and May 30, 2020, included 52 Use of Estimates The preparation of the consolidated in the United States of America requires management to make consolidated financial statements and accompanying notes. Actual results could Cash Equivalents The equivalents. Company Company has not experienced any loss in such accounts. The Company manages this risk through maintaining cash deposits and other highly liquid investments in high quality financial institutions. We cash, concentration Checks issued, accounts payable. At May 29, 7.5 Investment Securities Our investment 320”). The Company considers its debt securities for on the Company's ability to sell within the next 12 months, the amounts gains and losses of its debt for credit losses, limited to the amount that losses on available-for-sale securities income (expenses) as Other, net in the as “Other long-term assets” in the Company’s Trade Receivables Trade 2021, reserves for credit losses 775 795 based Company procedures. information one customer accounted for approximately 27.9 % and 23.8 % of the Company’s trade accounts receivable, Inventories Inventories of eggs, feed, value. The accumulated during a growing period 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, Property, lives, which 15 25 3 12 maintenance are expensed as incurred. property, depreciation are removed from the accounts and any gain or loss is included in operations. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment over the asset’s and an impairment assessment may be performed on the recoverability Leases The Company finance lease. We recognize the right to use an underlying sheet. A lease liability is recorded to represent our obligation to liabilities are included Current portion of finance lease Long-term operating lease obligation. The Company records ROU of the lease. When the calculate the present value of the future lease payments. The Company elected not to for leases with an initial term of 12 months or less. Lease expense for operating the lease term. Investments in Unconsolidated Entities The equity method exercises significant by the Company’s has less than a recorded at cost, and periodically reviewed for impairment. Goodwill Goodwill evaluated for impairment annually by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. of a reporting any impairment. Intangible Assets Included in other intangible assets are separable intangible assets acquired in business acquisitions, which include franchise fees, non-compete agreements 5 15 years. The amortized and occur, asset lives may Accrued Self Insurance We use workers’ compensation, part, by considering claims experience, demographic factors, severity Treasury Stock Treasury treasury issuance of based compensation plans are credited or charged to paid-in Revenue Recognition and Delivery Costs Revenue recognition is completed upon satisfaction of the performance obligation to the customer, which typically occurs within days of Note 14 policy. The Company believes to deliver Statements estimated returns sale using historical trends based on actual sales returns and sales. Advertising Costs The Company expensed advertising 12.6 11.7 9.0 2020, respectively. Income Taxes Income differences income tax purposes. The believes it positions must meet the more-likely-than-not the outcomes Company interest on the portion of the tax benefit not recognized. The Company initially and subsequently measures the largest tax benefit relevant expense. Based Company’s consolidated Stock Based Compensation We account for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”). ASC 718 requires and benefits of tax deductions in Note 16 – Stock Compensation Plans Business Combinations The Company applies the acquisition and liabilities assumed, the date of the considers the remaining estimated life of the assets acquired and We valuing certain intangible assets include, but rates and useful Loss Contingencies Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company but which will only be assess contingencies proceedings, the Company’s as the perceived merits of the amount of relief sought or expected to be If the assessment can be potentially material loss contingency is nature of the 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. an “expected based on historical experience, current conditions, and reasonable and supportable forecasts. The on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company evaluated its receivables portfolio and developed a model that includes the qualitative and forecasting aspects of the “expected loss” model under the amended guidance. The Company finalized its assessment of the impact of the amended guidance and recorded a $ 422 thousand cumulative increase to retained earnings at May 31, 2020. No other new on our Consolidated Financial Statements. |
Acquisition
Acquisition | 12 Months Ended |
May 28, 2022 | |
Acquisition [Abstract] | |
Acquisition | Note 2 – Acquisition Effective on May 30, 2021, the Company acquired the remaining 50 % membership interest in Red River Valley (“Red River”), Company. Red River owns and 1.7 hens, 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 accounts receivable acquired along with liabilities value due to the short maturity of these instruments. Inventory consisted value as management 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 recognized a gain of $ 4.5 50 % equity interest in Red River held before Company’s Condensed Consolidated Statements of Income. The acquisition 8.3 million, 7.3 investment in Red River, with a corresponding non-recurring, 955,000 taxable remeasurement gain associated with the acquisition. As part of the acquisition accounting, the Company also $ 8.5 recognition of deferred deductible for income tax purposes. |
Investment Securities
Investment Securities | 12 Months Ended |
May 28, 2022 | |
Investments Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The following presents the Company’s May 28, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 10,136 $ — $ 32 $ 10,104 Commercial paper 14,940 — 72 14,868 Corporate bonds 74,167 — 483 73,684 Certificates of deposits 1,263 — 18 1,245 US government and agency obligations 2,205 4 — 2,209 Asset backed securities 13,456 — 137 13,319 Total current $ 116,167 $ 4 $ 742 $ 115,429 Mutual funds $ 3,826 $ — $ 74 $ 3,752 Total noncurrent $ 3,826 $ — $ 74 $ 3,752 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 92.7 129.1 204.3 during fiscal 2022, 2021, and 2020, respectively. Gross realized gains for fiscal 2022, 2021, and 2020 were $ 181 456 thousand, 278 76 19 thousand, and $ 6 no Actual maturities may differ from contractual maturities because some or thousands): Estimated Fair Value Within one year $ 58,970 1-5 years 56,459 Total $ 115,429 Noncurrent Proceeds from sales and maturities of noncurrent investment securities were $ 4.9 54 1.2 fiscal 2022, $ 2.2 611 no |
Fair Value Measures
Fair Value Measures | 12 Months Ended |
May 28, 2022 | |
Fair Value Measures [Abstract] | |
Fair Value Measures | Note 4 - Fair Value The Company hierarchy. The knowledgeable, and willing be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be the liability with the creditor. ● Level 1 ● Level 2 directly or indirectly, 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 ● Level 3 to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair In accordance with liabilities that are required to be measured at fair value on a recurring basis May 28, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 10,104 $ — $ 10,104 Commercial paper — 14,868 — 14,868 Corporate bonds — 73,684 — 73,684 Certificates of deposits — 1,245 — 1,245 US government and agency obligations — 2,209 — 2,209 Asset backed securities — 13,319 — 13,319 Mutual funds 3,752 — — 3,752 Total assets measured at fair $ 3,752 $ 115,429 $ — $ 119,181 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 securities – available-for-sale purchased. We inputs for these securities are yields, credit risks, default rates, and volatility. |
Inventories
Inventories | 12 Months Ended |
May 28, 2022 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories Inventories consisted of the following (in thousands): May 28, 2022 May 29, 2021 Flocks, net of amortization $ 144,051 $ 123,860 Eggs and egg products 26,936 21,084 Feed and supplies 92,329 73,431 $ 263,316 $ 218,375 We grow and maintain (male and female chickens used May 29, 2021, 11.5 10.8 42.2 37.8 layers, respectively. The Company expensed amortization and mortality associated with the May 28, 2022 May 29, 2021 May 30, 2020 Amortization $ 160,107 $ 133,448 $ 133,379 Mortality 8,011 6,769 5,823 Total flock costs charged $ 168,118 $ 140,217 $ 139,202 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
May 28, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6 - Property, Property, plant and equipment May 28, 2022 May 29, 2021 Land and improvements $ 109,833 $ 101,174 Buildings and improvements 517,859 454,332 Machinery and equipment 655,925 584,778 Construction-in-progress 71,967 72,879 1,355,584 1,213,163 Less: accumulated depreciation 677,788 623,746 $ 677,796 $ 589,417 Depreciation expense was $ 65.8 56.5 54.5 and May 30, 2020, respectively. The Company fires. Insurance recoveries assets, clean-up and all contingencies recorded within “Cost of sales” and any gains or losses related to property damage are recorded of fixed assets.” Insurance recoveries related to business interruption are classified as to property during the fiscal consolidated financial statements. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
May 28, 2022 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Note 7 - Investment in Unconsolidated Entities As of 50 % in Specialty Eggs, Eggs owns the Egg-Land's Best franchise for most of Georgia and South Carolina, as well as and eastern Alabama. Southwest Specialty County, Nevada (including As of May 50 % in Red Note 2 – Acquisition ). The Company accounted for Red River using the equity method of Equity method investments are included Sheets and totaled $ 10.5 49.9 Equity 1.9 622 534 included in the Consolidated Statements of Income for fiscal 2022 The condensed consolidated financial For the fiscal year ended May 28, 2022 May 29, 2021 May 30, 2020 Net sales $ 145,281 $ 119,853 $ 188,922 Net income 3,942 1,596 1,064 Total assets 42,971 106,592 113,513 Total liabilities 21,892 5,850 4,655 Total equity 21,079 100,742 108,858 The “Investments Company’s operating 2022 and May 29, 2021, the carrying value of this investment was $ 768 The following relates to the Company’s For the fiscal year ended May 28, 2022 May 29, 2021 May 30, 2020 Sales to unconsolidated entities $ 94,311 $ 56,765 $ 54,559 Purchases from unconsolidated entities 60,016 76,059 71,475 Distributions from unconsolidated entities 400 6,663 7,114 May 28, 2022 May 29, 2021 Accounts receivable from unconsolidated entities 10,815 $ 2,404 Accounts payable to unconsolidated entities 4,678 4,161 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
May 28, 2022 | |
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 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 Additions 8,481 — — — 10 — — 8,491 Amortization — (1,628) (362) (159) (21) — (50) (2,220) Balance May 28, 2022 $ 44,006 $ 15,071 $ 1,326 $ 860 $ 18 $ 720 $ 136 $ 62,137 For the Other Intangibles listed above, the gross carrying amounts and May 28, 2022 May 29, 2021 Gross carrying Accumulated Gross carrying Accumulated amount amortization amount amortization Other intangible assets: Franchise rights $ 29,284 $ (14,213) $ 29,284 $ (10,957) Customer relationships 9,644 (8,318) 20,544 (18,190) Non-compete agreements 1,450 (590) 1,450 (271) Right of use intangible 239 (221) 191 (191) Water rights * 720 — 720 — Trademark 400 (264) 400 (164) Total $ 41,737 $ (23,606) $ 52,589 $ (29,773) * No significant residual value is estimated for these and 2020 totaled $ 2.2 2.5 2.9 The following table presents the total estimated amortization of intangible For fiscal year Estimated amortization expense 2023 $ 2,216 2024 2,170 2025 2,041 2026 2,008 2027 1,703 Thereafter 7,273 Total $ 17,411 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
May 28, 2022 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 9 - Employee Benefit Plans The Company maintains a medical plan that is qualified under Section tax under present income tax laws. The plan is funded by contributions from the Company and its employees. Under its plan, the Company insurance 225,000 incurred but not 24.6 21.7 17.8 and 2020, respectively. 2.8 2.4 28, Consolidated Balance Sheets. The Company Plan at a rate of 3 % of participants' eligible compensation, plus an additional amount determined at the discretion of the Directors. Contributions contributions to the Plan were $ 3.9 3.8 did no t Company’s Common Stock are paid to the Plan in cash. The Plan acquires the Company’s Common Stock, which is listed on the NASDAQ, by using the dividends and the Company’s Common Stock on maximum allowed by the Internal Revenue Service regulations. The The beginning when the officers 65 upon agreements 170 150 related to these agreements was $ 1.1 1.4 Effective The Amended DC Plan, compensated employees of the elective deferrals. 340 279 266 fiscal 2022, 480 55 in fiscal 2022 and 2021, respectively. The liability 4.5 4.1 28, 2022 and May 29, 2021, respectively. Deferred compensation expense for 258 1.6 621 2020, Postretirement Medical Plan The Company employees which time coverage prior to May 1, 2012 and their spouses must participate in Medicare and their spouses must participate in Medicare Plans A, B, and D. The plan is accounted for recognizes the funded status of a defined benefit postretirement plan as status in the year the change occurs through comprehensive income. Additionally, over the employees’ approximate period of employment. The liability associated with the plan was $ 2.9 3.4 at Company’s financial statements. |
Credit Facility
Credit Facility | 12 Months Ended |
May 28, 2022 | |
Credit Facility [Abstract] | |
Credit Facility | Note 10 - Credit Facility For fiscal years 2022, 2021 and 2020, interest was $ 403 213 498 On November 15, 2021, we entered into an Amended and Restated Credit Agreement (the “Credit five -year term. The Credit Agreement amended and restated the Company’s previously existing credit agreement dated July 10, 2018. The Credit Agreement initial aggregate principal amount of up to $ 250 15 of credit and 15 the consent $ 200 commitments under the No fiscal 2022 or fiscal 2021. The Company had $ 4.1 at May 28, 2022. The Eurodollar reserve adjusted rate at which Eurodollar deposits in the London interbank market for an interest period of one , two , three , six twelve of (a) the federal funds rate plus 0.50 % per annum, (b) the prime rate of interest established by the Administrative Agent, and (c) the Eurodollar Rate for an one 1 % per annum, subject to Margin” means 0.00 % to 0.75 % per annum 1.00 % to 1.75 % per annum each Company will pay a commitment fee on the unused portion of the Credit Facility payable quarterly from 0.15 % to 0.25 % in each case depending Agreement contains customary provisions regarding replacement of The Company (the and the Guarantors’ accounts, payment intangibles, instruments (including promissory notes), chattel paper, inventory (including farm products) and deposit accounts maintained with the Administrative Agent. The incurrence of requires maintenance of two financial covenants: (i) a maximum Total Funded Debt to Capitalization Ratio tested greater than 50 %; and (ii) a requirement to maintain Minimum 700 50 % of net income 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 payment of other dividend Company and its subsidiaries plus availability under the Credit Facility equals at least $50 The Credit default, including acceleration Facility. At May 28, 2022, we were in compliance with the covenant requirements of |
Accrued Dividends Payable And D
Accrued Dividends Payable And Dividends per Common Share | 12 Months Ended |
May 28, 2022 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Accrued Dividends Payable And Dividends Per Common Share | Note 11 - Accrued Dividends We accrue dividends at the end pays a dividend to shareholders of its Common Stock and Class the Company reports net to one-third ( 1/3 ) of such quarterly income. Dividends are paid to shareholders of record as 60 th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company pays dividends to shareholders of record on the 65 th day after 15 th day following which the Company does not report net income attributable to Cal-Maine Foods, Inc., the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a which a dividend was paid. On our consolidated statement of following table (in thousands, except per share data): 13 Weeks Ended 52 Weeks Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 109,986 $ (4,244) $ 132,650 $ 2,060 Cumulative losses to be recovered prior to payment of divided at beginning of period — — (4,244) (1,370) Net income attributable to Cal-Maine Foods, Inc. available for dividend $ 109,986 $ — $ — $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend $ 36,662 — Common stock outstanding (shares) 44,140 44,058 Class A common stock outstanding (shares) 4,800 4,800 Total common stock 48,940 48,858 Dividends per common share* $ 0.749 $ — $ 0.874 $ 0.034 *Dividends per 1/3 common stock outstanding (shares). |
Equity
Equity | 12 Months Ended |
May 28, 2022 | |
Equity [Abstract] | |
Equity | Note 12 - Equity The Company has two or the Company's Second Restated Certificate of Incorporation stock vote as one ten voting in dividend rights. In the dividend (payable only in shares of Common Stock) as the holders of Class A Common Stock receive (payable only Class A Common to share ratably The holders capital stock proportion. No dividend may be declared and paid on Class A Common of Class A Common Stock and a dividend is declared and paid to Common Stock Each share one The Company’s and entities that are permitted to ten converting into shares of Common arrangements and entities such as revocable trusts and limited liability companies that could hold Class A Common Stock benefit of Immediate Family Members. Each Permitted Charter, with a person other the automatically 4,300,000 beneficially owned by Immediate Family 4,600,000 Common Stock Transferees. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
May 28, 2022 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 13 - Net Income per Common Share Basic net income Common Stock common shares outstanding during the relevant period adjusted for the dilutive The following table provides a reconciliation of the per common share attributable to Cal-Maine Foods, Inc. (amounts in May 28, 2022 May 29, 2021 May 30, 2020 Numerator Net income $ 132,441 $ 2,060 $ 18,328 Less: Net income (loss) attributable to noncontrolling interest (209) — (63) Net income attributable to Cal-Maine Foods, Inc. $ 132,650 $ 2,060 $ 18,391 Denominator Weighted-average 48,581 48,522 48,467 Effect of dilutive securities of restricted shares 153 134 117 Weighted-average 48,734 48,656 48,584 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 2.73 $ 0.04 $ 0.38 Diluted $ 2.72 $ 0.04 $ 0.38 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
May 28, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 14 - Revenue Recognition Satisfaction of Performance Obligation The vast majority of the Company’s for products. Pricing establishes the contract for that order. Revenues are shell eggs The performance obligation the order. Costs Consolidated Statements 62.7 52.7 52.2 2020, Returns and Refunds Some of our contracts customer is unable to sell before expiration. The Company records an allowance of returns and refunds by using historical return data and corresponding reduction in trade accounts receivable. Sales Incentives Provided to Customers The Company periodically provides offers (e.g., percentage discounts off current purchases), current purchase), and other similar offers. Current discount offers, when accepted by customers, are treated as a reduction to the sales price price based on estimated future redemption rates. similar inducement offers. Current discount and inducement offers Disaggregation of Revenue The following table provides revenue disaggregated by product category 13 Weeks Ended 52 Weeks Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Conventional shell egg sales $ 378,190 $ 205,987 $ 1,061,995 $ 766,284 Specialty shell egg sales 186,518 131,243 648,838 539,780 Egg products 26,488 10,997 60,004 36,733 Other 1,768 1,571 6,322 6,190 $ 592,964 $ 349,798 $ 1,777,159 $ 1,348,987 Contract Costs The Company can incur costs to one year, they are expensed as incurred. When the amortization period is greater than one year, a contract asset is recognized and is amortized assets is immaterial. Contract Balances The Company receives payment from customers based on specified terms that are delivery. There Concentration of Credit Risks Our largest customer, Walmart 29.5 %, 29.8 % and 32.1 % of net sales dollars for fiscal 2022, 2021, and 2020, respectively. 10.1 % of net sales dollars for fiscal |
Leases
Leases | 12 Months Ended |
May 28, 2022 | |
Leases [Abstract] | |
Leases | Note 15 - Leases 13 Weeks Ended May 28, 2022 52 Weeks Ended May 28, 2022 Operating Lease cost $ 180 $ 805 Finance Lease cost Amortization of right-of-use asset $ 46 $ 178 Interest on lease obligations $ 5 $ 25 Short term lease cost $ 1,409 $ 4,630 Future minimum lease payments under non-cancelable leases are as follows (in As of May 28, 2022 Operating Leases Finance Leases 2023 $ 539 $ 239 2024 380 218 2025 130 — 2026 26 — 2027 5 — Thereafter — — Total 1,080 457 Less imputed interest (75) (19) Total $ 1,005 $ 438 The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheet are as follows: As of May 28, 2022 Operating Leases Finance Leases Weighted-average 2.3 1.5 Weighted-average 5.9 % 4.9 % |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
May 28, 2022 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 16 - Stock Compensation Plans On Incentive selected individuals who are expected to contribute to our long-term success. The maximum number of available 2,000,000 1,016,573 authorized employee member of the Company’s or one of our subsidiaries (except for incentive stock options, which may be granted only The only outstanding awards under date, or upon death or no other service disposal, constitutes issued and outstanding shares of the Company’s Common Stock for all of restriction price and is amortized on a straight-line basis over the vesting period. Forfeitures are Total 4.1 3.8 3.6 respectively. Our unrecognized 7.0 6.6 May 29, 2.1 years. A summary of our equity award activity and related information for our Number of Shares Weighted Average Date Fair Value 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 Granted 113,142 41.13 Vested (92,918) 42.45 Forfeited (4,527) 38.01 Outstanding, May 28, 2022 317,844 $ 39.12 |
Income Taxes
Income Taxes | 12 Months Ended |
May 28, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 17 - Income Taxes Income tax expense (benefit) consisted of the following: Fiscal year ended May 28, 2022 May 29, 2021 May 30, 2020 Current: Federal $ 24,228 $ (35,090) $ (6,750) State 3,670 730 (1,800) 27,898 (34,360) (8,550) Deferred: Federal 2,716 21,658 8,872 State 2,960 693 1,409 5,676 22,351 10,281 $ 33,574 $ (12,009) $ 1,731 Significant components of the Company’s May 28, 2022 May 29, 2021 Deferred tax liabilities: Property, plant and equipment $ 100,250 $ 82,508 Inventories 31,987 31,501 Investment in affiliates 65 7,670 Other 5,713 5,648 Total deferred 138,015 127,327 Deferred tax assets: Accrued expenses 4,041 3,728 State operating loss carryforwards 470 3,416 Other comprehensive income 866 497 Other 4,442 5,278 Total deferred 9,819 12,919 Net deferred tax liabilities $ 128,196 $ 114,408 The differences between income tax expense (benefit) at the Company’s statutory federal income tax rate were as follows: Fiscal year end May 28, 2022 May 29, 2021 May 30, 2020 Statutory federal income tax $ 34,907 $ (2,087) $ 4,226 State income taxes, net 5,237 1,124 (309) Domestic manufacturers deduction — 3,566 684 Enacted net operating loss carryback provision — (16,014) (3,041) Tax exempt (9) (50) (111) Reversal of outside basis in equity investment Red River (7,310) — — Non-taxable remeasurement gain Red River (955) — — Other, net 1,704 1,452 282 $ 33,574 $ (12,009) $ 1,731 Federal and state income taxes of $ 2.2 995 32 respectively. Federal and state income taxes of $ 373 2.6 8.4 2021, and 2020, respectively. In 467 no accrued interest and penalties related to uncertain tax positions. As of May 28, Final perspective, the years are closed are authorities. jurisdictions to which we are subject. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
May 28, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 18 - Commitments and Contingencies State of Texas On April 23, 2020, the Company and its subsidiary Wharton County Foods, LLC (“WCF”) were named as defendants in State of Texas of Harris County, of State claimed emergency and made misleading the Company and WCF to prevent further alleged violations of the DTPA, 100,000 2020, the the State opening brief the Texas issued a ruling. Management believes the risk of material loss related to this matter Bell et al. v. Cal-Maine Foods et al. On April 30, 2020, the Company was named as one of several defendants in Bell et al. v. Cal-Maine Foods et al., Case No. 1:20- cv-461, in the Western and farms. during the COVID-19 state of sold, enjoin the Company declaration 10,000 250,000 impacting anyone over 65 years old. On December the plaintiffs’ amended class action complaint. The plaintiffs subsequently filed a motion to strike, and the motion to dismiss and related proceedings were referred to a United States magistrate judge. On July 14, 2021, the magistrate judge issued a report and recommendation to lack of subject matter jurisdiction. On September 20, 2021, the court dismissed the case without prejudice. On July 13, 2022, the court denied the plaintiffs’ motion to set aside or amend On March 15, 2022, et al., Case No. 1:22-cv-246, in the Western District of Texas, Austin Division complaint. The Company has not the risk of material loss related to both matters to be remote. Kraft Foods Global, Inc. et al. v. As previously cases involving plaintiffs who sought substantial remaining plaintiffs The Kellogg Company. On September 13, 2019, the case with the Egg Products Plaintiffs was remanded from a multi-district litigation proceeding in the United States District Court for 2002, Producers, Inc. et al., Case No. 1:11-cv-8808, for trial. The Egg Products violated Section 1 the prices that of the United Egg Products money damages. On May 2, 2022, the court set trial for October 24, 2022. In addition, dismissing all or results of operations. On November court dismissed the Company with prejudice. The Company intends to on resolution of management believes that there is Plaintiffs, at range of factors, resulted in findings of prior related cases; there are significant factual issues to damages (i.e., injunction and treble money damages). State of Oklahoma Water On June 18, against Cal-Maine Foods, Inc. and Inc. and chicken litter the defendants have polluted complaint seeks Cal-Maine Foods, will be materially the litigation began, 100 % of the membership is an ongoing commercial shell egg operation within the Illinois River Watershed. Benton County Foods, 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 these matters cannot be determined with certainty, management, upon the advice of counsel, final outcome should not have a material effect on the Company’s |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
May 28, 2022 | |
Related Party Transaction [Abstract] | |
Related Party Transaction | Note 19 - Related Party Transaction On August 24, 2020, Mrs. Jean Reed Jr. (together, the 6,900,000 held by them, pursuant this report. estate taxes related to the Company’s effective shelf registration statement on Form S-3 (File No. 333-227742), including the Prospectus contained therein dated October 9, 2018, and Exchange Commission. The public and thus the (not including paid by the Selling 1.1 reimbursed the Company $ 551 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
May 28, 2022 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts Disclosure | Description Balance at Beginning of Period Charged to Cost and Expense Write-off of Accounts Balance at End of Period Year Allowance for doubtful accounts $ 795 $ 30 $ 50 $ 775 Year Allowance for doubtful accounts $ 743 $ 135 $ 83 $ 795 Year Allowance for doubtful accounts $ 206 $ 550 $ 13 $ 743 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
May 28, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Cal-Maine Foods, Inc. (“we,” fresh shell eggs, including nutritionally-enhanced, cage-free, which is headquartered and sells the majority the United States. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include over which we exercise control. All significant intercompany transactions and |
Fiscal Year | Fiscal Year The Company’s fiscal year-end is on the Saturday closest to May 31. Each of the year-to-date periods May 28, 2022 , May 29, 2021, and May 30, 2020, included 52 |
Use of Estimates | Use of Estimates The preparation of the consolidated in the United States of America requires management to make consolidated financial statements and accompanying notes. Actual results could |
Cash Equivalents | Cash Equivalents The equivalents. Company Company has not experienced any loss in such accounts. The Company manages this risk through maintaining cash deposits and other highly liquid investments in high quality financial institutions. We cash, concentration Checks issued, accounts payable. At May 29, 7.5 |
Investment Securities | Investment Securities Our investment 320”). The Company considers its debt securities for on the Company's ability to sell within the next 12 months, the amounts gains and losses of its debt for credit losses, limited to the amount that losses on available-for-sale securities income (expenses) as Other, net in the as “Other long-term assets” in the Company’s |
Trade Receivables | Trade Receivables Trade 2021, reserves for credit losses 775 795 based Company procedures. information one customer accounted for approximately 27.9 % and 23.8 % of the Company’s trade accounts receivable, Inventories Inventories of eggs, feed, value. The accumulated during a growing period 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, Property, lives, which 15 25 3 12 maintenance are expensed as incurred. property, depreciation are removed from the accounts and any gain or loss is included in operations. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment over the asset’s and an impairment assessment may be performed on the recoverability Leases The Company finance lease. We recognize the right to use an underlying sheet. A lease liability is recorded to represent our obligation to liabilities are included Current portion of finance lease Long-term operating lease obligation. The Company records ROU of the lease. When the calculate the present value of the future lease payments. The Company elected not to for leases with an initial term of 12 months or less. Lease expense for operating the lease term. Investments in Unconsolidated Entities The equity method exercises significant by the Company’s has less than a recorded at cost, and periodically reviewed for impairment. Goodwill Goodwill evaluated for impairment annually by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. of a reporting any impairment. |
Inventories | Inventories Inventories of eggs, feed, value. The accumulated during a growing period 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, Property, lives, which 15 25 3 12 maintenance are expensed as incurred. property, depreciation are removed from the accounts and any gain or loss is included in operations. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment over the asset’s and an impairment assessment may be performed on the recoverability |
Leases | Leases The Company finance lease. We recognize the right to use an underlying sheet. A lease liability is recorded to represent our obligation to liabilities are included Current portion of finance lease Long-term operating lease obligation. The Company records ROU of the lease. When the calculate the present value of the future lease payments. The Company elected not to for leases with an initial term of 12 months or less. Lease expense for operating the lease term. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The equity method exercises significant by the Company’s has less than a 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 quantitative goodwill test is necessary. of a reporting any impairment. |
Intangible Assets | Intangible Assets Included in other intangible assets are separable intangible assets acquired in business acquisitions, which include franchise fees, non-compete agreements 5 15 years. The amortized and occur, asset lives may |
Accrued Self Insurance | Accrued Self Insurance We use workers’ compensation, part, by considering claims experience, demographic factors, severity |
Treasury Stock | Treasury Stock Treasury treasury issuance of based compensation plans are credited or charged to paid-in |
Revenue Recognition and Delivery Costs | Revenue Recognition and Delivery Costs Revenue recognition is completed upon satisfaction of the performance obligation to the customer, which typically occurs within days of Note 14 policy. The Company believes to deliver Statements estimated returns sale using historical trends based on actual sales returns and sales. |
Advertising Costs | Advertising Costs The Company expensed advertising 12.6 11.7 9.0 2020, respectively. |
Income Taxes | Income Taxes Income differences income tax purposes. The believes it positions must meet the more-likely-than-not the outcomes Company interest on the portion of the tax benefit not recognized. The Company initially and subsequently measures the largest tax benefit relevant expense. Based Company’s consolidated |
Stock Based Compensation | Stock Based Compensation We account for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”). ASC 718 requires and benefits of tax deductions in Note 16 – Stock Compensation Plans |
Business Combinations | Business Combinations The Company applies the acquisition and liabilities assumed, the date of the considers the remaining estimated life of the assets acquired and We valuing certain intangible assets include, but rates and useful |
Loss Contingencies | Loss Contingencies Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company but which will only be assess contingencies proceedings, the Company’s as the perceived merits of the amount of relief sought or expected to be If the assessment can be potentially material loss contingency is nature of the 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. an “expected based on historical experience, current conditions, and reasonable and supportable forecasts. The on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company evaluated its receivables portfolio and developed a model that includes the qualitative and forecasting aspects of the “expected loss” model under the amended guidance. The Company finalized its assessment of the impact of the amended guidance and recorded a $ 422 thousand cumulative increase to retained earnings at May 31, 2020. No other new on our Consolidated Financial Statements. |
Fair Value Measures (Policy)
Fair Value Measures (Policy) | 12 Months Ended |
May 28, 2022 | |
Fair Value Measures [Abstract] | |
Fair Value Measurement | The Company hierarchy. The knowledgeable, and willing be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be the liability with the creditor. ● Level 1 ● Level 2 directly or indirectly, 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 ● Level 3 to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair In accordance with liabilities that are required to be measured at fair value on a recurring basis |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
May 28, 2022 | |
Acquisition [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) | 12 Months Ended |
May 28, 2022 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | May 28, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 10,136 $ — $ 32 $ 10,104 Commercial paper 14,940 — 72 14,868 Corporate bonds 74,167 — 483 73,684 Certificates of deposits 1,263 — 18 1,245 US government and agency obligations 2,205 4 — 2,209 Asset backed securities 13,456 — 137 13,319 Total current $ 116,167 $ 4 $ 742 $ 115,429 Mutual funds $ 3,826 $ — $ 74 $ 3,752 Total noncurrent $ 3,826 $ — $ 74 $ 3,752 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 $ 58,970 1-5 years 56,459 Total $ 115,429 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 12 Months Ended |
May 28, 2022 | |
Fair Value Measures [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | May 28, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 10,104 $ — $ 10,104 Commercial paper — 14,868 — 14,868 Corporate bonds — 73,684 — 73,684 Certificates of deposits — 1,245 — 1,245 US government and agency obligations — 2,209 — 2,209 Asset backed securities — 13,319 — 13,319 Mutual funds 3,752 — — 3,752 Total assets measured at fair $ 3,752 $ 115,429 $ — $ 119,181 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) | 12 Months Ended |
May 28, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | May 28, 2022 May 29, 2021 Flocks, net of amortization $ 144,051 $ 123,860 Eggs and egg products 26,936 21,084 Feed and supplies 92,329 73,431 $ 263,316 $ 218,375 |
Schedule of Cost of Sales Amortization and Mortality | May 28, 2022 May 29, 2021 May 30, 2020 Amortization $ 160,107 $ 133,448 $ 133,379 Mortality 8,011 6,769 5,823 Total flock costs charged $ 168,118 $ 140,217 $ 139,202 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
May 28, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | May 28, 2022 May 29, 2021 Land and improvements $ 109,833 $ 101,174 Buildings and improvements 517,859 454,332 Machinery and equipment 655,925 584,778 Construction-in-progress 71,967 72,879 1,355,584 1,213,163 Less: accumulated depreciation 677,788 623,746 $ 677,796 $ 589,417 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
May 28, 2022 | |
Investment in Unconsolidated Entities [Abstract] | |
Summary of Condensed Consolidated Financial Information for Unconsolidated Joint Ventures | For the fiscal year ended May 28, 2022 May 29, 2021 May 30, 2020 Net sales $ 145,281 $ 119,853 $ 188,922 Net income 3,942 1,596 1,064 Total assets 42,971 106,592 113,513 Total liabilities 21,892 5,850 4,655 Total equity 21,079 100,742 108,858 |
Schedule of Transactions With Unconsolidated Affiliates | For the fiscal year ended May 28, 2022 May 29, 2021 May 30, 2020 Sales to unconsolidated entities $ 94,311 $ 56,765 $ 54,559 Purchases from unconsolidated entities 60,016 76,059 71,475 Distributions from unconsolidated entities 400 6,663 7,114 May 28, 2022 May 29, 2021 Accounts receivable from unconsolidated entities 10,815 $ 2,404 Accounts payable to unconsolidated entities 4,678 4,161 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 28, 2022 | |
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 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 Additions 8,481 — — — 10 — — 8,491 Amortization — (1,628) (362) (159) (21) — (50) (2,220) Balance May 28, 2022 $ 44,006 $ 15,071 $ 1,326 $ 860 $ 18 $ 720 $ 136 $ 62,137 |
Schedule Of Other Intangibles | May 28, 2022 May 29, 2021 Gross carrying Accumulated Gross carrying Accumulated amount amortization amount amortization Other intangible assets: Franchise rights $ 29,284 $ (14,213) $ 29,284 $ (10,957) Customer relationships 9,644 (8,318) 20,544 (18,190) Non-compete agreements 1,450 (590) 1,450 (271) Right of use intangible 239 (221) 191 (191) Water rights * 720 — 720 — Trademark 400 (264) 400 (164) Total $ 41,737 $ (23,606) $ 52,589 $ (29,773) * |
Schedule Of Estimated Amortization Of Intangible Assets | For fiscal year Estimated amortization expense 2023 $ 2,216 2024 2,170 2025 2,041 2026 2,008 2027 1,703 Thereafter 7,273 Total $ 17,411 |
Accrued Dividends Payable And_2
Accrued Dividends Payable And Dividends per Common Share (Tables) | 12 Months Ended |
May 28, 2022 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Schedule of Dividends | 13 Weeks Ended 52 Weeks Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 109,986 $ (4,244) $ 132,650 $ 2,060 Cumulative losses to be recovered prior to payment of divided at beginning of period — — (4,244) (1,370) Net income attributable to Cal-Maine Foods, Inc. available for dividend $ 109,986 $ — $ — $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend $ 36,662 — Common stock outstanding (shares) 44,140 44,058 Class A common stock outstanding (shares) 4,800 4,800 Total common stock 48,940 48,858 Dividends per common share* $ 0.749 $ — $ 0.874 $ 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 28, 2022 | |
Net Income per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | May 28, 2022 May 29, 2021 May 30, 2020 Numerator Net income $ 132,441 $ 2,060 $ 18,328 Less: Net income (loss) attributable to noncontrolling interest (209) — (63) Net income attributable to Cal-Maine Foods, Inc. $ 132,650 $ 2,060 $ 18,391 Denominator Weighted-average 48,581 48,522 48,467 Effect of dilutive securities of restricted shares 153 134 117 Weighted-average 48,734 48,656 48,584 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 2.73 $ 0.04 $ 0.38 Diluted $ 2.72 $ 0.04 $ 0.38 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
May 28, 2022 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | 13 Weeks Ended 52 Weeks Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Conventional shell egg sales $ 378,190 $ 205,987 $ 1,061,995 $ 766,284 Specialty shell egg sales 186,518 131,243 648,838 539,780 Egg products 26,488 10,997 60,004 36,733 Other 1,768 1,571 6,322 6,190 $ 592,964 $ 349,798 $ 1,777,159 $ 1,348,987 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 28, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | 13 Weeks Ended May 28, 2022 52 Weeks Ended May 28, 2022 Operating Lease cost $ 180 $ 805 Finance Lease cost Amortization of right-of-use asset $ 46 $ 178 Interest on lease obligations $ 5 $ 25 Short term lease cost $ 1,409 $ 4,630 |
Schedule of Future Minimum Lease Payments | As of May 28, 2022 Operating Leases Finance Leases 2023 $ 539 $ 239 2024 380 218 2025 130 — 2026 26 — 2027 5 — Thereafter — — Total 1,080 457 Less imputed interest (75) (19) Total $ 1,005 $ 438 |
Schedule of Weighted-Average Information | As of May 28, 2022 Operating Leases Finance Leases Weighted-average 2.3 1.5 Weighted-average 5.9 % 4.9 % |
Stock Based Compensation (Tabl
Stock Based Compensation (Tables) | 12 Months Ended |
May 28, 2022 | |
Stock Based Compensation [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Date Fair Value 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 Granted 113,142 41.13 Vested (92,918) 42.45 Forfeited (4,527) 38.01 Outstanding, May 28, 2022 317,844 $ 39.12 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 28, 2022 | |
Income Taxes [Abstract] | |
Tax Expense by Jurisdiction | Fiscal year ended May 28, 2022 May 29, 2021 May 30, 2020 Current: Federal $ 24,228 $ (35,090) $ (6,750) State 3,670 730 (1,800) 27,898 (34,360) (8,550) Deferred: Federal 2,716 21,658 8,872 State 2,960 693 1,409 5,676 22,351 10,281 $ 33,574 $ (12,009) $ 1,731 |
Deferred Tax Assets and Liabilities | May 28, 2022 May 29, 2021 Deferred tax liabilities: Property, plant and equipment $ 100,250 $ 82,508 Inventories 31,987 31,501 Investment in affiliates 65 7,670 Other 5,713 5,648 Total deferred 138,015 127,327 Deferred tax assets: Accrued expenses 4,041 3,728 State operating loss carryforwards 470 3,416 Other comprehensive income 866 497 Other 4,442 5,278 Total deferred 9,819 12,919 Net deferred tax liabilities $ 128,196 $ 114,408 |
Reconciliation of Effective Tax Expense | Fiscal year end May 28, 2022 May 29, 2021 May 30, 2020 Statutory federal income tax $ 34,907 $ (2,087) $ 4,226 State income taxes, net 5,237 1,124 (309) Domestic manufacturers deduction — 3,566 684 Enacted net operating loss carryback provision — (16,014) (3,041) Tax exempt (9) (50) (111) Reversal of outside basis in equity investment Red River (7,310) — — Non-taxable remeasurement gain Red River (955) — — Other, net 1,704 1,452 282 $ 33,574 $ (12,009) $ 1,731 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
May 28, 2022 USD ($) Item | May 29, 2021 USD ($) Item | May 30, 2020 USD ($) | May 30, 2021 | Jun. 01, 2019 USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Fiscal period duration | 364 days | ||||
Checks outstanding in excess of related book cash balances | $ 7,500 | ||||
Reserves for credit losses | 775 | $ 795 | |||
Advertising expense | $ 12,600 | 11,700 | $ 9,000 | ||
Flock costs, cost accumulation period | 154 days | ||||
Stockholders' equity | $ 1,104,551 | 1,012,781 | |||
Stockholders' equity | 1,104,345 | 1,012,781 | 1,009,675 | $ 989,806 | |
Red River Valley Egg Farm Llc [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Business acquisition, percentage of voting interest acquired | 50% | ||||
Restatement Adjustment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | 422 | ||||
Retained Earnings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ 1,065,854 | $ 975,977 | 975,147 | $ 954,527 | |
Retained Earnings [Member] | Restatement Adjustment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ 422 | ||||
Accounts Receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Number of major customers | Item | 1 | 1 | |||
Customer Concentration Risk [Member] | Accounts Receivable | One Customer [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 27.90% | 23.80% | |||
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 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) Layers in Millions | May 30, 2021 USD ($) a Layers | May 29, 2021 |
Red River Valley Egg Farm Llc [Member] | ||
Business Acquisition [Line Items] | ||
Ownership percentage | 50% | |
Red River Valley Egg Farm Llc [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, percentage of voting interest acquired | 50% | |
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 | |
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 | 955,000 | |
Deferred tax liability recognized | $ 8,481,000 |
Acquisition (Allocation of Purc
Acquisition (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | May 30, 2021 | May 28, 2022 | 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 ($) | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 92,700,000 | $ 129,100,000 | $ 204,300,000 |
Proceeds from sale of available-for-sale securities, noncurrent | 4,900,000 | 54,000 | 1,200,000 |
Gross realized gains on sales of available-for-sale securities, current | 181,000 | 456,000 | 278,000 |
Gross realized gains on sales of available-for-sale securities, noncurrent | 2,200,000 | 611,000 | |
Gross realized losses on sales of available-for-sale securities, current | 76,000 | 19,000 | 6,000 |
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 28, 2022 | May 29, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | $ 116,167 | $ 111,505 |
Unrealized Gains, Current | 4 | 664 |
Unrealized Losses, Current | 742 | 11 |
Estimated Fair Value, Current | 115,429 | 112,158 |
Amortized Cost, Noncurrent | 3,826 | 2,306 |
Unrealized Gains, Noncurrent | 0 | 1,810 |
Unrealized Losses, Noncurrent | 74 | 0 |
Estimated Fair Value, Noncurrent | 3,752 | 4,116 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 10,136 | 16,424 |
Unrealized Gains, Current | 0 | 56 |
Unrealized Losses, Current | 32 | 0 |
Estimated Fair Value, Current | 10,104 | 16,480 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 14,940 | 1,998 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 72 | 0 |
Estimated Fair Value, Current | 14,868 | 1,998 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 74,167 | 80,092 |
Unrealized Gains, Current | 0 | 608 |
Unrealized Losses, Current | 483 | 0 |
Estimated Fair Value, Current | 73,684 | 80,700 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 1,263 | 1,077 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 18 | 1 |
Estimated Fair Value, Current | 1,245 | 1,076 |
US Government and Agency Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 2,205 | |
Unrealized Gains, Current | 4 | |
Unrealized Losses, Current | 0 | |
Estimated Fair Value, Current | 2,209 | |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 13,456 | 11,914 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 137 | 10 |
Estimated Fair Value, Current | 13,319 | 11,904 |
Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Noncurrent | 3,826 | 2,306 |
Unrealized Gains, Noncurrent | 0 | 1,810 |
Unrealized Losses, Noncurrent | 74 | 0 |
Estimated Fair Value, Noncurrent | $ 3,752 | $ 4,116 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 |
Investments Securities [Abstract] | ||
Within one year | $ 58,970 | |
1-5 years | 56,459 | |
Total | $ 115,429 | $ 112,158 |
Fair Value Measures (Schedule o
Fair Value Measures (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 119,181 | $ 116,274 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,752 | 4,116 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 115,429 | 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 | 10,104 | 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 | 10,104 | 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 | 14,868 | 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 | 14,868 | 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 | 73,684 | 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 | 73,684 | 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 | 1,245 | 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 | 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 | 1,245 | 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 | 0 |
US Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,209 | |
US Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
US Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,209 | |
US Government and Agency Obligations [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 | 13,319 | 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 | 13,319 | 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 | 3,752 | 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 | 3,752 | 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) pullet_and_breeder in Millions, Layers in Millions | May 28, 2022 Layers pullet_and_breeder | May 29, 2021 Layers pullet_and_breeder |
Inventories [Abstract] | ||
Pullets and breeders | pullet_and_breeder | 11.5 | 10.8 |
Layers | Layers | 42.2 | 37.8 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 144,051 | $ 123,860 |
Eggs and egg products | 26,936 | 21,084 |
Feed and supplies | 92,329 | 73,431 |
Total inventories | $ 263,316 | $ 218,375 |
Inventories (Schedule Of Cost O
Inventories (Schedule Of Cost Of Sales Amortization And Mortality) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Inventories [Abstract] | |||
Amortization | $ 160,107 | $ 133,448 | $ 133,379 |
Mortality | 8,011 | 6,769 | 5,823 |
Total flock costs charged to cost of sales | $ 168,118 | $ 140,217 | $ 139,202 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 65.8 | $ 56.5 | $ 54.5 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 1,355,584 | $ 1,213,163 |
Less: accumulated depreciation | 677,788 | 623,746 |
Property, plant and equipment, less accumulated depreciation | 677,796 | 589,417 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 101,174 | 109,833 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 454,332 | 517,859 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 584,778 | 655,925 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 72,879 | $ 71,967 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Investments in and Advances to Affiliates [Line Items] | |||
Investments in affiliates, recorded using the equity method of accounting | $ 10,500 | $ 49,900 | |
Equity in income of unconsolidated entities | 1,943 | 622 | $ 534 |
Investments in unconsolidated entities | $ 15,530 | $ 54,941 | |
Red River Valley Egg Farm Llc [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50% | ||
Specialty Eggs LLC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50% | 50% | |
Eggland's Best [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments in unconsolidated entities | $ 768 | $ 768 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Schedule Of Transactions With Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May 28, 2022 | May 29, 2021 | May 30, 2020 | Jun. 01, 2019 | |
Related Party Transaction [Line Items] | ||||
Net income (loss) | $ 132,441 | $ 2,060 | $ 18,328 | |
Total assets | 1,427,489 | 1,229,174 | ||
Total liabilities | 323,144 | 216,393 | ||
Total equity | 1,104,345 | 1,012,781 | 1,009,675 | $ 989,806 |
Corporate Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 145,281 | 119,853 | 188,922 | |
Net income (loss) | 3,942 | 1,596 | 1,064 | |
Total assets | 42,971 | 106,592 | 113,513 | |
Total liabilities | 21,892 | 5,850 | 4,655 | |
Total equity | 21,079 | 100,742 | 108,858 | |
Sales to unconsolidated entities | 94,311 | 56,765 | 54,559 | |
Purchases from unconsolidated entities | 60,016 | 76,059 | 71,475 | |
Distributions from unconsolidated entities | 400 | 6,663 | $ 7,114 | |
Accounts receivable from unconsolidated entities | 10,815 | 2,404 | ||
Accounts payable to unconsolidated entities | $ 4,678 | $ 4,161 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Aggregate amortization expense for intangible assets | $ 2,220 | $ 2,514 | $ 2,900 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Summary of Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Goodwill | |||
Goodwill, Balance | $ 35,525 | ||
Additions | 8,481 | ||
Goodwill, Balance | 44,006 | $ 35,525 | |
Other intangibles, Finite-Lived | |||
Other intangibles, Amortization | (2,220) | (2,514) | $ (2,900) |
Other Intangibles, Finite-Lived, Balance | 17,411 | ||
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Balance | 55,866 | 58,341 | |
Total intangibles, Additions | 8,491 | 39 | |
Total intangibles, Amortization | (2,220) | (2,514) | (2,900) |
Total intangibles, Balance | 62,137 | 55,866 | 58,341 |
Water Rights [Member] | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
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 | 16,699 | 18,327 | |
Other Intangibles, Additions | 0 | 0 | |
Other intangibles, Amortization | (1,628) | (1,628) | |
Other Intangibles, Finite-Lived, Balance | 15,071 | 16,699 | 18,327 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (1,628) | (1,628) | |
Customer Relationships [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 1,688 | 2,354 | |
Other Intangibles, Additions | 0 | 0 | |
Other intangibles, Amortization | (362) | (666) | |
Other Intangibles, Finite-Lived, Balance | 1,326 | 1,688 | 2,354 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (362) | (666) | |
Noncompete Agreements [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 1,019 | 1,179 | |
Other Intangibles, Additions | 0 | 0 | |
Other intangibles, Amortization | (159) | (160) | |
Other Intangibles, Finite-Lived, Balance | 860 | 1,019 | 1,179 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (159) | (160) | |
Right Of Use Intangible [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 29 | 0 | |
Other Intangibles, Additions | 10 | 39 | |
Other intangibles, Amortization | (21) | (10) | |
Other Intangibles, Finite-Lived, Balance | 18 | 29 | 0 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (21) | (10) | |
Trademarks [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 186 | 236 | |
Other Intangibles, Additions | 0 | 0 | |
Other intangibles, Amortization | (50) | (50) | |
Other Intangibles, Finite-Lived, Balance | 136 | 186 | $ 236 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | $ (50) | $ (50) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Other Intangibles) (Details) - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 | May 30, 2020 |
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 41,737 | $ 52,589 | |
Accumulated amortization | (23,606) | (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 | (14,213) | (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 | (8,318) | (18,190) | |
Noncompete Agreements [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 1,450 | 1,450 | |
Accumulated amortization | (590) | (271) | |
Right Of Use Intangible [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 239 | 191 | |
Accumulated amortization | (221) | (191) | |
Trademarks [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 400 | 400 | |
Accumulated amortization | 264 | 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 28, 2022 USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
2023 | $ 2,216 |
2024 | 2,170 |
2025 | 2,041 |
2026 | 2,008 |
2027 | 1,703 |
Thereafter | 7,273 |
Total | $ 17,411 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Medical claim, maximum per occurrence | $ 225,000 | ||
Medical plan expense | 24,600,000 | $ 21,700,000 | $ 17,800,000 |
Liability recorded for incurred but not reported claims | 2,800,000 | 2,400,000 | |
Postretirement expense liability | $ 2,900,000 | 3,400,000 | |
KSOP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company matching contribution percentage | 3% | ||
Company cash contribution | $ 3,900,000 | $ 3,800,000 | $ 3,800,000 |
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 | $ 170,000 | $ 150,000 |
Liability related to deferred compensation agreements | 1,100,000 | 1,400,000 | |
Officers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Payments made under plan | 480,000 | 55,000 | |
Liability related to deferred compensation agreements | 4,500,000 | 4,100,000 | |
Awards issued under deferred compensation plan | 340,000 | 279,000 | 266,000 |
Deferred compensation expense | $ 258,000 | $ 1,600,000 | $ 621,000 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Line Of Credit Facility [Line Items] | |||
Interest costs incurred | $ 403,000 | $ 213,000 | $ 498,000 |
Credit Agreement [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument, term | 5 years | ||
Maximum borrowing capacity | $ 250,000,000 | ||
Available additional capacity | 200,000,000 | ||
Amount outstanding | $ 0 | $ 0 | |
Maximum total funded debt to capitalization ratio | 50% | ||
Minimum tangible net worth, amount | $ 700,000,000 | ||
Minimum tangible net worth, percentage of net income | 50% | ||
Threshold of voting control in related entities that requires compliance with covenant | 100% | ||
Minimum amount of company voting stock | 50% | ||
Credit Agreement [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Commitment fee | 0.15% | ||
Credit Agreement [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Commitment fee | 0.25% | ||
Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1% | ||
Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Credit Agreement [Member] | Eurodollar, One Month [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest period | 1 month | ||
Credit Agreement [Member] | Eurodollar, Two Month [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest period | 2 months | ||
Credit Agreement [Member] | Eurodollar, Three Month [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest period | 3 months | ||
Credit Agreement [Member] | Eurodollar, Six Month [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest period | 6 months | ||
Credit Agreement [Member] | Eurodollar, Twelve Month [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest period | 12 months | ||
Credit Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0% | ||
Credit Agreement [Member] | Base Rate [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.75% | ||
Credit Agreement [Member] | Base Rate, Federal Funds [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Credit Agreement [Member] | Base Rate, Eurodollar [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest period | 1 month | ||
Basis spread on variable rate | 1% | ||
Credit Agreement [Member] | Standby Letters of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 15,000,000 | ||
Amount outstanding | 4,100,000 | ||
Credit Agreement [Member] | Swingline [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 15,000,000 |
Accrued Dividends Payable And_3
Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) | 12 Months Ended |
May 28, 2022 | |
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 |
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 28, 2022 | May 29, 2021 | May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Class of Stock [Line Items] | |||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 109,986 | $ (4,244) | $ 132,650 | $ 2,060 | $ 18,391 |
Cumulative losses to be recovered prior to payment of divided at beginning of period | 0 | 0 | 4,244 | 1,370 | |
Net income available for dividend | 109,986 | 0 | $ 0 | $ 0 | |
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | $ 36,662 | $ 0 | |||
Common stock outstanding (shares) | 48,940 | 48,858 | 48,940 | 48,858 | |
Dividends per common share (in dollars per share) | $ 0.749 | $ 0 | $ 0.874 | $ 0.034 | |
Percentage of net income loss used to compute accrued dividends | 33.33% | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock outstanding (shares) | 44,140 | 44,058 | 44,140 | 44,058 | |
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock outstanding (shares) | 4,800 | 4,800 | 4,800 | 4,800 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | May 28, 2022 Item shares |
Schedule of Stockholders Equity [Line Items] | |
Number of classes of capital stock | 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 28, 2022 | May 29, 2021 | May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Net Income per Common Share [Abstract] | |||||
Net income (loss) | $ 132,441 | $ 2,060 | $ 18,328 | ||
Less: Net loss attributable to noncontrolling interest | (209) | 0 | (63) | ||
Net income attributable to Cal-Maine Foods, Inc. | $ 109,986 | $ (4,244) | $ 132,650 | $ 2,060 | $ 18,391 |
Denominator | |||||
Weighted-average common shares outstanding, basic (in shares) | 48,581 | 48,522 | 48,467 | ||
Effect of dilutive restricted shares (in shares) | 153 | 134 | 117 | ||
Weighted-average common shares outstanding, diluted (in shares) | 48,734 | 48,656 | 48,584 | ||
Net income per common share attributable to Cal-Maine Foods, Inc. | |||||
Basic (in dollars per share) | $ 2.73 | $ 0.04 | $ 0.38 | ||
Diluted (in dollars per share) | $ 2.72 | $ 0.04 | $ 0.38 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Selling, general and administrative expenses | $ 62.7 | $ 52.7 | $ 52.2 |
H-E-B, LP [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 10.10% | ||
Walmart [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 29.50% | 29.80% | 32.10% |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 28, 2022 | May 29, 2021 | May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 592,964 | $ 349,798 | $ 1,777,159 | $ 1,348,987 | $ 1,351,609 |
Conventional shell egg sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 378,190 | 205,987 | 1,061,995 | 766,284 | |
Specialty shell egg sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 186,518 | 131,243 | 648,838 | 539,780 | |
Egg products [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 26,488 | 10,997 | 60,004 | 36,733 | |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 1,768 | $ 1,571 | $ 6,322 | $ 6,190 |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
May 28, 2022 | May 29, 2021 | |
Leases [Abstract] | ||
Operating Lease cost | $ 180 | $ 805 |
Finance Lease cost | ||
Amortization of right-of-use asset | 46 | 178 |
Interest on lease obligations | 5 | 25 |
Short term lease cost | $ 1,409 | $ 4,630 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | May 28, 2022 USD ($) |
Operating Leases | |
2023 | $ 539 |
2024 | 380 |
2025 | 130 |
2026 | 26 |
2027 | 5 |
Thereafter | 0 |
Total | 1,080 |
Less imputed interest | (75) |
Total | 1,005 |
Finance Leases | |
2023 | 239 |
2024 | 218 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total | 457 |
Less imputed interest | (19) |
Total | $ 438 |
Leases (Schedule of Future Mi_2
Leases (Schedule of Future Minimum Lease Payments - Additional) (Details) $ in Thousands | May 28, 2022 USD ($) |
Operating Leases | |
Total | $ 1,080 |
Less imputed interest | (75) |
Total | 1,005 |
Finance Leases | |
Total | 457 |
Less imputed interest | (19) |
Total | $ 438 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Information) (Details) | May 28, 2022 |
Operating Leases | |
Weighted-average remaining lease term (years) | 2 years 3 months 18 days |
Weighted-average discount rate | 5.90% |
Finance Leases | |
Weighted-average remaining lease term (years) | 1 year 6 months |
Weighted-average discount rate | 4.90% |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense (benefit) | $ 4.1 | $ 3.8 | $ 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 | 1,016,573 | ||
Unrecognized compensation expense | $ 7 | $ 6.6 | |
Weighted average period of unrecognized compensation expense | 2 years 1 month 6 days |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Equity Award Activity) (Details) - $ / shares | 12 Months Ended | |
May 28, 2022 | May 29, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding, Beginning Balance (in shares) | 302,147 | 273,046 |
Number of Shares, Granted (in shares) | 113,142 | 112,860 |
Number of Shares, Vested (in shares) | (92,918) | (79,328) |
Number of Shares, Forfeited (in shares) | (4,527) | (4,431) |
Number of Shares, Outstanding, Ending Balance (in shares) | 317,844 | 302,147 |
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) | $ 39.37 | $ 41.36 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 41.13 | 37.82 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 42.45 | 43.96 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 38.01 | 40.12 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ 39.12 | $ 39.37 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Tax Credit Carryforward [Line Items] | |||
Income taxes paid | $ 2,200,000 | $ 995,000 | $ 32,000 |
Income taxes refunded | 373,000 | $ 2,600,000 | $ 8,400,000 |
Income tax penalties and interest expense | 467,000 | ||
Income tax penalties and interest accrued | $ 0 |
Income Taxes (Tax Expense by Ju
Income Taxes (Tax Expense by Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Current: | |||
Current income tax expense (benefit): Federal | $ 24,228 | $ (35,090) | $ (6,750) |
Current income tax expense (benefit): State | 3,670 | 730 | (1,800) |
Current income tax expense (benefit): Total | 27,898 | (34,360) | (8,550) |
Deferred: | |||
Deferred income tax expense (benefit): Federal | 2,716 | 21,658 | 8,872 |
Deferred income tax expense (benefit): State | 2,960 | 693 | 1,409 |
Deferred income taxes expense (benefit): Total | 5,676 | 22,351 | 10,281 |
Income tax expense (benefit) | $ 33,574 | $ (12,009) | $ 1,731 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | May 28, 2022 | May 29, 2021 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ 100,250 | $ 82,508 |
Inventories | 31,987 | 31,501 |
Investment in affiliates | 65 | 7,670 |
Other | 5,713 | 5,648 |
Total deferred tax liabilities | 138,015 | 127,327 |
Deferred tax assets: | ||
Accrued expenses | 4,041 | 3,728 |
State operating loss carryforwards | 470 | 3,416 |
Other comprehensive income | 866 | 497 |
Other | 4,442 | 5,278 |
Total deferred tax assets | 9,819 | 12,919 |
Net deferred tax liabilities | $ 128,196 | $ 114,408 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Income Taxes [Abstract] | |||
Statutory federal income tax | $ 34,907 | $ (2,087) | $ 4,226 |
State income taxes, net | 5,237 | 1,124 | (309) |
Domestic manufacturers deduction | 0 | 3,566 | 684 |
Enacted net operating loss carryback provision | 0 | (16,014) | (3,041) |
Tax exempt interest income | (9) | (50) | (111) |
Reversal of outside basis in equity investment Red River | (7,310) | 0 | 0 |
Non-taxable remeasurement gain Red River | (955) | 0 | 0 |
Other, net | 1,704 | 1,452 | 282 |
Income tax expense (benefit) | $ 33,574 | $ (12,009) | $ 1,731 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
May 28, 2022 USD ($) $ / Claim | |
Benton County Foods [Member] | |
Loss Contingencies [Line Items] | |
Ownership interest | 100% |
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 | 10,000 |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Damages sought per 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, 2020 USD ($) shares |
Related Party Transaction [Line Items] | |
Shares issued | shares | 6,900,000 |
Fees paid | $ 1,100 |
Fees reimbursed | $ 551 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2022 | May 29, 2021 | May 30, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 795 | $ 743 | $ 206 |
Charged to Cost and Expense | 30 | 135 | 550 |
Write-off of Accounts | 50 | 83 | 13 |
Balance at End of Period | $ 775 | $ 795 | $ 743 |