Cal-Maine Foods (CALM) 10-Q 27 Sep 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Aug. 27, 2022	Sep. 27, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 27, 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
Entity Address Address Line 2	Suite 200
Entity Address, City or Town	Ridgeland
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39157
City Area Code	601
Local Phone Number	948-6813
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CALM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--06-03
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000016160
Common Stock [Member]
Entity Common Stock, Shares Outstanding		44,135,851
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 27, 2022	May 28, 2022
Current assets:
Cash and cash equivalents	$ 136,021	$ 59,084
Investment securities available-for-sale	145,784	115,429
Trade and other receivables, net	178,217	177,257
Income taxes receivable	42,147	42,147
Inventories	265,754	263,316
Prepaid expenses and other current assets	10,965	4,286
Total current assets	778,888	661,519
Property, plant & equipment, net	688,656	677,796
Investments in unconsolidated entities	15,674	15,530
Goodwill	44,006	44,006
Intangible assets, net	17,592	18,131
Other long-term assets	9,913	10,507
Total Assets	1,554,729	1,427,489
Current liabilities:
Accounts payable and accrued expenses	188,689	148,018
Dividends payable	41,742	36,656
Total current liabilities	230,431	184,674
Other noncurrent liabilities	9,706	10,274
Deferred income taxes, net	126,629	128,196
Total liabilities	366,766	323,144
Commitments and contingencies - see Note 13
Stockholders' equity:
Paid-in capital	69,017	67,989
Retained earnings	1,149,399	1,065,854
Accumulated other comprehensive loss, net of tax	(2,350)	(1,596)
Common stock in treasury at cost - 26,125 shares at August 27, 2022 and 26,121 shares at May 28, 2022	(28,495)	(28,447)
Total Cal-Maine Foods, Inc. stockholders' equity	1,188,322	1,104,551
Noncontrolling interest in consolidated entity	(359)	(206)
Total stockholders' equity	1,187,963	1,104,345
Total Liabilities and Stockholders' Equity	1,554,729	1,427,489
Common Stock [Member]
Stockholders' equity:
Common stock	703	703
Class A Convertible Common Stock [Member]
Stockholders' equity:
Common stock	$ 48	$ 48

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 27, 2022	May 28, 2022
Common Stock [Member]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	70,261,000	70,261,000
Common stock in treasury (in shares)	26,125,000	26,121,000
Class A Convertible Common Stock [Member]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	4,800,000	4,800,000
Common stock, shares issued (in shares)	4,800,000	4,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 658,344	$ 324,986
Cost of sales	440,854	318,341
Gross profit	217,490	6,645
Selling, general and administrative	53,607	46,525
(Gain) loss on disposal of fixed assets	33	(213)
Operating income (loss)	163,850	(39,667)
Other income (expense):
Interest income, net	903	232
Royalty income	428	273
Equity income of unconsolidated entities	144	135
Other, net	155	5,163
Total other income, net	1,630	5,803
Income (loss) before income taxes	165,480	(33,864)
Income tax expense (benefit)	40,346	(15,838)
Net income (loss)	125,134	(18,026)
Less: Loss attributable to noncontrolling interest	(153)	0
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 125,287	$ (18,026)
Net income (loss) per common share:
Basic (in dollars per share)	$ 2.58	$ (0.37)
Diluted (in dollars per share)	$ 2.57	$ (0.37)
Weighted average shares outstanding:
Basic (in shares)	48,623	48,858
Diluted (in shares)	48,811	48,858

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 125,134	$ (18,026)
Other comprehensive income (loss), before tax:
Unrealized holding loss available-for-sale securities, net of reclassification adjustments	(997)	(224)
Income tax benefit related to items of other comprehensive income	243	54
Other comprehensive loss, net of tax	(754)	(170)
Comprehensive income (loss)	124,380	(18,196)
Less: Comprehensive loss attributable to the noncontrolling interest	(153)	0
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc.	$ 124,533	$ (18,196)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Cash flows from operating activities:
Net income (loss)	$ 125,134	$ (18,026)
Depreciation and amortization	17,312	17,389
Deferred income taxes	(1,324)	(15,838)
Other adjustments, net	31,690	(7,637)
Net cash provided by (used in) operations	172,812	(24,112)
Cash flows from investing activities:
Purchases of investment securities	(51,834)	(1,388)
Sales and maturities of investment securities	20,296	39,388
Distributions from unconsolidated entities	0	400
Acquisition of business, net of cash acquired	0	(44,823)
Purchases of property, plant and equipment	(27,662)	(11,233)
Net proceeds from disposal of property, plant and equipment	78	1,171
Net cash used in investing activities	(59,122)	(16,485)
Cash flows from financing activities:
Payments of dividends	(36,653)	0
Purchase of common stock by treasury	(45)	(18)
Principal payments on finance lease	(55)	(53)
Net cash used in financing activities	(36,753)	(71)
Net change in cash and cash equivalents	76,937	(40,668)
Cash and cash equivalents at beginning of period	59,084	57,352
Cash and cash equivalents at end of period	$ 136,021	$ 16,684

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Aug. 27, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Basis of Presentation The “we,” “us,” “our”) in reporting and should “2022 statement of the results for recurring nature. year. Fiscal Year The Company's fiscal and August 28, 2021 included 13 weeks . Use of Estimates The preparation of the assumptions could differ from those estimates. Investment Securities Our investment 320”). restrictions current, because the with unrealized changes to losses through cost Gains and losses are recognized in other income of Consolidated Balance Sheets. Trade Receivables Trade receivables 28, 716 775 customers based on The monitoring historical loss information adjusted as needed for economic and Immaterial Error Correction Effective 50 % LLC (“Red that corresponding Statements 6.7 quarter of fiscal 2022 9.2 no (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, Misstatements condensed impact ended February 2022 as a reduction of Net Sales and Cost of Sales in the accompanying Condensed New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements.

Investment Securities

Investment Securities	3 Months Ended
	Aug. 27, 2022
Investments Securities [Abstract]
Investment Securities	Note 2 - Investment Securities The following represents the Company’s August 27, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 15,032 $ — $ 155 $ 14,877 Commercial paper 15,936 — 53 15,883 Corporate bonds 81,711 — 1,237 80,474 Certificates of deposits 3,263 — 48 3,215 US government and agency obligations 8,190 — 87 8,103 Asset backed securities 15,620 — 227 15,393 Treasury bills 7,870 — 31 7,839 Total current $ 147,622 $ — $ 1,838 $ 145,784 Mutual funds $ 3,467 $ — $ 130 $ 3,337 Total noncurrent $ 3,467 $ — $ 130 $ 3,337 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 Available-for-sale Proceeds from 20.3 39.4 thirteen August 27, 2022 2 127 weeks 27 60 no allowances Actual maturities without penalties. Contractual maturities of current investments at August Estimated Fair Value Within one year $ 64,148 1-5 years 81,636 Total $ 145,784 Noncurrent There were no and maturities of noncurrent 385 realized gains for 130 no weeks ended August 28, 2021.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Aug. 27, 2022
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3 - Fair Value The Company hierarchy. The knowledgeable, and willing be settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, ◦ Quoted prices for similar assets or liabilities in active markets ◦ Quoted prices for identical or similar assets in non-active markets ◦ Inputs other than quoted prices that are observable for the asset or liability ◦ Inputs derived principally from or corroborated by other observable market • Level 3 significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair In liabilities measured at fair value on a recurring basis as of August 27, 2022 and May 28, August 27, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 14,877 $ — $ 14,877 Commercial paper — 15,883 — 15,883 Corporate bonds — 80,474 — 80,474 Certificates of deposits — 3,215 — 3,215 US government and agency obligations — 8,103 — 8,103 Asset backed securities — 15,393 — 15,393 Treasury bills — 7,839 — 7,839 Mutual funds 3,337 — — 3,337 Total assets measured at fair $ 3,337 $ 145,784 $ — $ 149,121 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 Investment when purchased. We Observable inputs for these securities are yields, credit risks, default rates, and volatility.

Inventories

Inventories	3 Months Ended
	Aug. 27, 2022
Inventories [Abstract]
Inventories	Note 4 - Inventories Inventories consisted of the following as of August 27, 2022 and May 28, August 27, 2022 May 28, 2022 Flocks, net of amortization $ 152,264 $ 144,051 Eggs and egg products 24,548 26,936 Feed and supplies 88,942 92,329 $ 265,754 $ 263,316 We breeders (male 27, 2022 and May 11.4 11.5 41.1 42.2

Accrued Dividends Payable And D

Accrued Dividends Payable And Dividends per Common Share	3 Months Ended
	Aug. 27, 2022
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Accrued Dividends Payable And Dividends Per Common Share	Note 5 - Accrued Dividends Payable and Dividends per Common We The Company quarter for in an amount 1/3 ) of such following the to shareholders of record on the 65th day after the Following a quarter for which the Company does not report net income not pay a dividend date of the most recent quarter for which a dividend was paid. For the first approximately $ 0.853 On our computation in the following table (in thousands, except per share data): Thirteen Weeks August 27, 2022 August 28, 2021 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 125,287 $ (18,026) Cumulative loss to be recovered prior to payment of divided at beginning of period — (4,244) Net income available for dividend $ 125,287 $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend 41,762 — Common stock outstanding (shares) 44,136 44,057 Class A common stock outstanding (shares) 4,800 4,800 Total common stock 48,936 48,857 Dividends per common share* $ 0.853 $ — *Dividends 1/3 outstanding (shares).

Equity

Equity	3 Months Ended
	Aug. 27, 2022
Equity [Abstract]
Equity	Note 6 - Equity The following reflects equity activity for the thirteen weeks ended Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 28, 2022 $ 703 $ 48 $ (28,447) $ 67,989 $ (1,596) $ 1,065,854 $ (206) $ 1,104,345 Other comprehensive loss, net of tax — — — — (754) — — (754) Stock compensation plan transactions — — (48) 1,028 — — — 980 Dividends — — — — — (41,742) — (41,742) Net income (loss) — — — — — 125,287 (153) 125,134 Balance at August 27, 2022 $ 703 $ 48 $ (28,495) $ 69,017 $ (2,350) $ 1,149,399 $ (359) $ 1,187,963 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Loss Earnings Total Balance at May 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ 1,012,781 Other comprehensive loss, net of tax — — — — (170) — (170) Stock compensation plan transactions — — (18) 1,000 — — 982 Net loss — — — — — (18,026) (18,026) Balance at August 28, 2021 $ 703 $ 48 $ (27,451) $ 65,044 $ (728) $ 957,951 $ 995,567

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	3 Months Ended
	Aug. 27, 2022
Net Income (Loss) per Common Share [Abstract]
Net Income (Loss) per Common Share	Note 7 - Net Income (Loss) per Common Share Basic net Diluted net income the 131 quarter of fiscal 2022. These shares were not included in the diluted net The income (loss) per common share (amounts in thousands, except per share data): Thirteen Weeks August 27, 2022 August 28, 2021 Numerator Net income (loss) $ 125,134 $ (18,026) Less: Loss attributable to noncontrolling interest (153) — Net income (loss) attributable to Cal-Maine Foods, Inc. $ 125,287 $ (18,026) Denominator Weighted-average 48,623 48,858 Effect of dilutive restricted shares 188 — Weighted-average 48,811 48,858 Net income (loss) per common share attributable to Cal-Maine Foods, Basic $ 2.58 $ (0.37) Diluted $ 2.57 $ (0.37)

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Aug. 27, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Note 8 – Revenue from Contracts with Customers Satisfaction of Performance Obligation The vast majority of the Company’s for products. Pricing establishes the contract for that order. Revenues are shell production. satisfaction customer agreeing upon the order. Returns and Refunds Some of our contracts customer return with a corresponding reduction in trade accounts receivable. Sales Incentives Provided to Customers The discount offers a minimum reduction reduction historical ‘‘Net sales.’’ Disaggregation of Revenue The following table provides revenue disaggregated by product category Thirteen Weeks August 27, 2022 August 28, 2021 Conventional shell egg sales $ 425,589 $ 182,030 Specialty shell egg sales 200,820 132,458 Egg products 27,640 9,366 Other 4,295 1,132 $ 658,344 $ 324,986 Contract Costs The Company can incur costs to one year, and contract assets is immaterial. Contract Balances The Company receives payment from customers based on specified terms that are There are rarely contract assets or liabilities related to performance under the

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Aug. 27, 2022
Stock Based Compensation [Abstract]
Stock Based Compensation	Note 9 - Stock Based Compensation Total stock-based 1.0 Unrecognized Restated 2012 Omnibus Long-Term 5.9 period 1.9 Stock Compensation Plans in our 2022 Annual Report for further information The Company’s restricted share activity Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 28, 2022 317,844 $ 39.12 Vested (3,240) 38.31 Forfeited (2,778) 39.48 Outstanding, August 27, 2022 311,826 $ 39.12

Income Taxes

Income Taxes	3 Months Ended
	Aug. 27, 2022
Income Taxes [Abstract]
Income Taxes	Note 10 – Income Taxes For 40.3 benefit of $ 15.8 24.4 % and 46.8 %, respectively. items 8.3 Valley 22.4 %. Our effective tax certain purposes, noncontrolling interest.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Aug. 27, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 11 - Commitments and Contingencies Financial Instruments The Company maintained 4.1 the Company's Credit Facility. a liability on the consolidated balance sheets. LEGAL PROCEEDINGS State of Texas On April of Court of violation (“DTPA”). COVID-19 permanent $ 100,000 prejudice. On September First proceedings. believes the risk of material loss related to this matter to be remote. Bell et al. v. Cal-Maine Foods et al. On 1:20-cv-461, producers, and farms. Plaintiffs assert that defendants for eggs Plaintiffs seek to enjoin eggs prior 10,000 250,000 each violation motion to motion to judge dismissed without prejudice for lack of subject matter jurisdiction. prejudice. complaint. On March 15, 2022, et al., first class action and other 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 the MDL No. 2002, to Egg defendants illegally to raise the prices that plaintiffs certain features of producers. The and seek treble money damages. cancelled the We anticipate the In addition, dismissing condition or results of operations. On November 11, 2022, the court dismissed the Company with prejudice. The Company intends to on resolution of management Products Plaintiffs, due legal arguments different other than compensatory damages (i.e., injunction and treble money damages). State of Oklahoma Watershed Pollution On June 18, against Cal-Maine Foods, Inc. and Inc. and chicken The complaint court. Foods, remediation. Since 100 % of the Foods, LLC, LLC is not a defendant in the litigation. The trial in the case has not yet issued its ruling. Management believes the risk of material loss related Other Matters

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Aug. 27, 2022
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The “we,” “us,” “our”) in reporting and should “2022 statement of the results for recurring nature. year.
Fiscal Year	Fiscal Year The Company's fiscal and August 28, 2021 included 13 weeks
Use of Estimates	Use of Estimates The preparation of the assumptions could differ from those estimates.
Investment Securities	Investment Securities Our investment 320”). restrictions current, because the with unrealized changes to losses through cost Gains and losses are recognized in other income of Consolidated Balance Sheets.
Trade Receivables	Trade Receivables Trade receivables 28, 716 775 customers based on The monitoring historical loss information adjusted as needed for economic and
Immaterial Error Correction	Immaterial Error Correction Effective 50 % LLC (“Red that corresponding Statements 6.7 quarter of fiscal 2022 9.2 no (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, Misstatements condensed impact ended February 2022 as a reduction of Net Sales and Cost of Sales in the accompanying Condensed New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements.
New Accounting Pronouncements and Policies	New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Aug. 27, 2022
Investments Securities [Abstract]
Schedule Of Investment Securities	August 27, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 15,032 $ — $ 155 $ 14,877 Commercial paper 15,936 — 53 15,883 Corporate bonds 81,711 — 1,237 80,474 Certificates of deposits 3,263 — 48 3,215 US government and agency obligations 8,190 — 87 8,103 Asset backed securities 15,620 — 227 15,393 Treasury bills 7,870 — 31 7,839 Total current $ 147,622 $ — $ 1,838 $ 145,784 Mutual funds $ 3,467 $ — $ 130 $ 3,337 Total noncurrent $ 3,467 $ — $ 130 $ 3,337 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
Schedule Of Contractual Maturities Of Investment Securities	Estimated Fair Value Within one year $ 64,148 1-5 years 81,636 Total $ 145,784

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Aug. 27, 2022
Fair Value Measurements [Abstract]
Schedule Of Assets Measured At Fair Value On A Recurring Basis	August 27, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 14,877 $ — $ 14,877 Commercial paper — 15,883 — 15,883 Corporate bonds — 80,474 — 80,474 Certificates of deposits — 3,215 — 3,215 US government and agency obligations — 8,103 — 8,103 Asset backed securities — 15,393 — 15,393 Treasury bills — 7,839 — 7,839 Mutual funds 3,337 — — 3,337 Total assets measured at fair $ 3,337 $ 145,784 $ — $ 149,121 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

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Aug. 27, 2022
Inventories [Abstract]
Schedule of Inventories	August 27, 2022 May 28, 2022 Flocks, net of amortization $ 152,264 $ 144,051 Eggs and egg products 24,548 26,936 Feed and supplies 88,942 92,329 $ 265,754 $ 263,316

Accrued Dividends Payable And_2

Accrued Dividends Payable And Dividends per Common Share (Tables)	3 Months Ended
	Aug. 27, 2022
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Schedule of Dividends	Thirteen Weeks August 27, 2022 August 28, 2021 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 125,287 $ (18,026) Cumulative loss to be recovered prior to payment of divided at beginning of period — (4,244) Net income available for dividend $ 125,287 $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend 41,762 — Common stock outstanding (shares) 44,136 44,057 Class A common stock outstanding (shares) 4,800 4,800 Total common stock 48,936 48,857 Dividends per common share* $ 0.853 $ — *Dividends 1/3 outstanding (shares).

Equity (Tables)

Equity (Tables)	3 Months Ended
	Aug. 27, 2022
Equity [Abstract]
Summary of Equity Activity	Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 28, 2022 $ 703 $ 48 $ (28,447) $ 67,989 $ (1,596) $ 1,065,854 $ (206) $ 1,104,345 Other comprehensive loss, net of tax — — — — (754) — — (754) Stock compensation plan transactions — — (48) 1,028 — — — 980 Dividends — — — — — (41,742) — (41,742) Net income (loss) — — — — — 125,287 (153) 125,134 Balance at August 27, 2022 $ 703 $ 48 $ (28,495) $ 69,017 $ (2,350) $ 1,149,399 $ (359) $ 1,187,963 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Loss Earnings Total Balance at May 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ 1,012,781 Other comprehensive loss, net of tax — — — — (170) — (170) Stock compensation plan transactions — — (18) 1,000 — — 982 Net loss — — — — — (18,026) (18,026) Balance at August 28, 2021 $ 703 $ 48 $ (27,451) $ 65,044 $ (728) $ 957,951 $ 995,567

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	3 Months Ended
	Aug. 27, 2022
Net Income (Loss) per Common Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	Thirteen Weeks August 27, 2022 August 28, 2021 Numerator Net income (loss) $ 125,134 $ (18,026) Less: Loss attributable to noncontrolling interest (153) — Net income (loss) attributable to Cal-Maine Foods, Inc. $ 125,287 $ (18,026) Denominator Weighted-average 48,623 48,858 Effect of dilutive restricted shares 188 — Weighted-average 48,811 48,858 Net income (loss) per common share attributable to Cal-Maine Foods, Basic $ 2.58 $ (0.37) Diluted $ 2.57 $ (0.37)

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Aug. 27, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Thirteen Weeks August 27, 2022 August 28, 2021 Conventional shell egg sales $ 425,589 $ 182,030 Specialty shell egg sales 200,820 132,458 Egg products 27,640 9,366 Other 4,295 1,132 $ 658,344 $ 324,986

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Aug. 27, 2022
Stock Based Compensation [Abstract]
Summary of Equity Award Activity	Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 28, 2022 317,844 $ 39.12 Vested (3,240) 38.31 Forfeited (2,778) 39.48 Outstanding, August 27, 2022 311,826 $ 39.12

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended
	Aug. 27, 2022	Nov. 27, 2021	Aug. 28, 2021	May 28, 2022	May 30, 2021
Significant Accounting Policies [Line Items]
Fiscal period duration	91 days		91 days
Reserves for credit losses	$ 716,000			$ 775,000
Cost of sales	440,854,000		$ 318,341,000
Operating Income Loss	163,850,000		(39,667,000)
Net income (loss)	125,134,000		(18,026,000)
Red River Valley Egg Farm Llc [Member]
Significant Accounting Policies [Line Items]
Business acquisition, percentage of voting interest acquired					50%
Revision of Prior Period, Error Correction, Adjustment [Member]
Significant Accounting Policies [Line Items]
Cost of sales		$ 9,200,000	6,700,000
Operating Income Loss		0	0
Net income (loss)		$ 0	0
Retained Earnings [Member]
Significant Accounting Policies [Line Items]
Net income (loss)	$ 125,287,000		$ (18,026,000)

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($)	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	May 28, 2022
Investments Securities [Abstract]
Proceeds from sale of available-for-sale securities, current	$ 20,300,000	$ 39,400,000
Proceeds from sale of available-for-sale securities, noncurrent	0	385,000
Gross realized gains on sales of available-for-sale securities, current	2,000	127,000
Gross realized gains on sales of available-for-sale securities, noncurrent		130,000
Gross realized losses on sales of available-for-sale securities, current	27,000	60,000
Gross realized losses on sales of available-for-sale securities, noncurrent		$ 0
Allowance for credit losses	$ 0		$ 0

Investment Securities (Schedule

Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands	Aug. 27, 2022	May 28, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	$ 147,622	$ 116,167
Unrealized Gains, Current	0	4
Unrealized Losses, Current	1,838	742
Estimated Fair Value, Current	145,784	115,429
Amortized Cost, Noncurrent	3,467	3,826
Unrealized Gains, Noncurrent	0	0
Unrealized Losses, Noncurrent	130	74
Estimated Fair Value, Noncurrent	3,337	3,752
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	15,032	10,136
Unrealized Gains, Current	0	0
Unrealized Losses, Current	155	32
Estimated Fair Value, Current	14,877	10,104
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	15,936	14,940
Unrealized Gains, Current	0	0
Unrealized Losses, Current	53	72
Estimated Fair Value, Current	15,883	14,868
Corporate Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	81,711	74,167
Unrealized Gains, Current	0	0
Unrealized Losses, Current	1,237	483
Estimated Fair Value, Current	80,474	73,684
Certificates of Deposits [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	3,263	1,263
Unrealized Gains, Current	0	0
Unrealized Losses, Current	48	18
Estimated Fair Value, Current	3,215	1,245
US Government and Agency Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	8,190	2,205
Unrealized Gains, Current	0	4
Unrealized Losses, Current	87	0
Estimated Fair Value, Current	8,103	2,209
Asset Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	15,620	13,456
Unrealized Gains, Current	0	0
Unrealized Losses, Current	227	137
Estimated Fair Value, Current	15,393	13,319
Treasury Bills [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	7,870
Unrealized Gains, Current	0
Unrealized Losses, Current	31
Estimated Fair Value, Current	7,839
Mutual Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Noncurrent	3,467	3,826
Unrealized Gains, Noncurrent	0	0
Unrealized Losses, Noncurrent	130	74
Estimated Fair Value, Noncurrent	$ 3,337	$ 3,752

Investment Securities (Schedu_2

Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands	Aug. 27, 2022	May 28, 2022
Investments Securities [Abstract]
Within one year	$ 64,148
1-5 years	81,636
Total	$ 145,784	$ 115,429

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands	Aug. 27, 2022	May 28, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 149,121	$ 119,181
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	3,337	3,752
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	145,784	115,429
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	14,877	10,104
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	14,877	10,104
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	15,883	14,868
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	15,883	14,868
Commercial Paper [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	80,474	73,684
Corporate Bonds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Corporate Bonds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	80,474	73,684
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	3,215	1,245
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	3,215	1,245
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	8,103	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	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	8,103	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	0
Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	15,393	13,319
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	15,393	13,319
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
Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	7,839
Treasury Bills [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Treasury Bills [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	7,839
Treasury Bills [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	3,337	3,752
Mutual Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	3,337	3,752
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	Aug. 27, 2022 Layers pullet_and_breeder	May 28, 2022 Layers pullet_and_breeder
Inventories [Abstract]
Pullets and breeders | pullet_and_breeder	11.4	11.5
Layers | Layers	41.1	42.2

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Aug. 27, 2022	May 28, 2022
Inventories [Abstract]
Flocks, net of amortization	$ 152,264	$ 144,051
Eggs and egg products	24,548	26,936
Feed and supplies	88,942	92,329
Total inventories	$ 265,754	$ 263,316

Accrued Dividends Payable And_3

Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details)	3 Months Ended
	Aug. 27, 2022 $ / shares
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Percentage of net income loss used to compute accrued dividends	33.33%
Dividends payable per share	$ 0.853

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
	Aug. 27, 2022	Aug. 28, 2021
Class of Stock [Line Items]
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 125,287	$ (18,026)
Cumulative losses to be recovered prior to payment of divided at beginning of period	0	(4,244)
Net income available for dividend	125,287	0
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend	$ 41,762	$ 0
Common stock outstanding (shares)	48,936	48,857
Dividends per common share (in dollars per share)	$ 0.853	$ 0
Percentage of net income loss used to compute accrued dividends	33.33%
Common Stock [Member]
Class of Stock [Line Items]
Common stock outstanding (shares)	44,136	44,057
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock outstanding (shares)	4,800	4,800

Equity (Summary of Equity Activ

Equity (Summary of Equity Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Beginning balance	$ 1,104,345	$ 1,012,781
Other comprehensive loss, net of tax	(754)	(170)
Stock compensation plan transactions	980	982
Dividends	(41,742)
Net income (loss)	125,134	(18,026)
Ending balance	1,187,963	995,567
Common Stock [Member]
Beginning balance	703	703
Ending balance	703	703
Treasury Stock [Member]
Beginning balance	(28,447)	(27,433)
Stock compensation plan transactions	(48)	(18)
Ending balance	(28,495)	(27,451)
Paid In Capital [Member]
Beginning balance	67,989	64,044
Stock compensation plan transactions	1,028	1,000
Ending balance	69,017	65,044
Accum. Other Comp. Loss [Member]
Beginning balance	(1,596)	(558)
Other comprehensive loss, net of tax	(754)	(170)
Ending balance	(2,350)	(728)
Retained Earnings [Member]
Beginning balance	1,065,854	975,977
Dividends	(41,742)
Net income (loss)	125,287	(18,026)
Ending balance	1,149,399	957,951
Noncontrolling Interest [Member]
Beginning balance	(206)
Net income (loss)	(153)
Ending balance	(359)
Class A Common Stock [Member] | Common Stock [Member]
Beginning balance	48	48
Ending balance	$ 48	$ 48

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share (Narrative) (Details) shares in Thousands	3 Months Ended
	Aug. 28, 2021 shares
Net Income (Loss) per Common Share [Abstract]
Antidilutive restricted shares	131

Net Income (Loss) per Common _4

Net Income (Loss) per Common Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Net Income (Loss) per Common Share [Abstract]
Net income (loss)	$ 125,134	$ (18,026)
Less: Loss attributable to noncontrolling interest	(153)	0
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 125,287	$ (18,026)
Denominator
Weighted-average common shares outstanding, basic (in shares)	48,623	48,858
Effect of dilutive restricted shares (in shares)	188	0
Weighted-average common shares outstanding, diluted (in shares)	48,811	48,858
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.
Basic (in dollars per share)	$ 2.58	$ (0.37)
Diluted (in dollars per share)	$ 2.57	$ (0.37)

Revenue from Contract with Cust

Revenue from Contract with Customer (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 658,344	$ 324,986
Conventional shell egg sales [Member]
Disaggregation of Revenue [Line Items]
Net sales	425,589	182,030
Specialty shell egg sales [Member]
Disaggregation of Revenue [Line Items]
Net sales	200,820	132,458
Egg products [Member]
Disaggregation of Revenue [Line Items]
Net sales	27,640	9,366
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 4,295	$ 1,132

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 5.9
Weighted average period of unrecognized compensation expense	1 year 10 months 24 days
Stock based compensation expense	$ 1	$ 1

Stock Based Compensation (Summa

Stock Based Compensation (Summary of Equity Award Activity) (Details)	3 Months Ended
	Aug. 27, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of Shares, Outstanding, Beginning Balance (in shares) | shares	317,844
Number of Shares, Vested (in shares) | shares	(3,240)
Number of Shares, Forfeited (in shares) | shares	(2,778)
Number of Shares, Outstanding, Ending Balance (in shares) | shares	311,826
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares	$ 39.12
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	38.31
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	39.48
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares	$ 39.12

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Tax Credit Carryforward [Line Items]
Income tax expense (benefit)	$ 40,346	$ (15,838)
Effective tax rate, percent	24.40%	46.80%
Adjusted effective income tax rate, percent		22.40%
Red River Valley Egg Farm, LLC [Member]
Tax Credit Carryforward [Line Items]
Discrete income tax benefit		$ 8,300

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	Apr. 23, 2020	Aug. 27, 2022	Feb. 26, 2022
Credit Agreement [Member] | Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Amount outstanding		$ 4,100,000
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	10,000
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Damages sought	$ 250,000