Cal-Maine Foods (CALM) 10-Q 3 Oct 23 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 02, 2023	Oct. 03, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 02, 2023
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	--06-01
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000016160
Common Stock [Member]
Entity Common Stock, Shares Outstanding		44,182,613
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 02, 2023	Jun. 03, 2023
Current assets:
Cash and cash equivalents	$ 360,343	$ 292,824
Investment securities available-for-sale	249,619	355,090
Trade and other receivables, net	125,363	120,247
Income tax receivable	33,787	66,966
Inventories	280,801	284,418
Prepaid expenses and other current assets	14,145	5,380
Total current assets	1,064,058	1,124,925
Property, plant & equipment, net	752,580	744,540
Investments in unconsolidated entities	13,978	14,449
Goodwill	44,006	44,006
Intangible assets, net	15,347	15,897
Other long-term assets	10,398	10,708
Total Assets	1,900,367	1,954,525
Current liabilities:
Accounts payable and accrued expenses	117,800	137,313
Accrued income taxes payable	8,288	8,288
Dividends payable	294	37,130
Total current liabilities	126,382	182,731
Other noncurrent liabilities	9,930	9,999
Deferred income taxes, net	152,725	152,212
Total liabilities	289,037	344,942
Commitments and contingencies - see Note 9
Stockholders' equity:
Paid-in capital	73,153	72,112
Retained earnings	1,571,744	1,571,112
Accumulated other comprehensive loss, net of tax	(2,291)	(2,886)
Common stock in treasury at cost - 26,078 shares at September 2, 2023 and 26,077 shares at June 3, 2023	(30,014)	(30,008)
Total Cal-Maine Foods, Inc. stockholders' equity	1,613,343	1,611,081
Noncontrolling interest in consolidated entity	(2,013)	(1,498)
Total stockholders' equity	1,611,330	1,609,583
Total Liabilities and Stockholders' Equity	1,900,367	1,954,525
Common Stock [Member]
Stockholders' equity:
Common stock ($0.01 par value):	703	703
Class A Convertible Common Stock [Member]
Stockholders' equity:
Common stock ($0.01 par value):	$ 48	$ 48

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 02, 2023	Jun. 03, 2023
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)	26,078,000	26,077,000
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 Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Condensed Consolidated Statements of Income [Abstract]
Net sales	$ 459,344	$ 658,344
Cost of sales	413,911	440,854
Gross profit	45,433	217,490
Selling, general and administrative	52,246	53,607
(Gain) loss on disposal of fixed assets	(56)	33
Operating income (loss)	(6,757)	163,850
Other income (expense):
Interest income, net	7,346	903
Royalty income	349	428
Equity income (loss) of unconsolidated entities	(470)	144
Other, net	265	155
Total other income, net	7,490	1,630
Income before income taxes	733	165,480
Income tax expense	322	40,346
Net income	411	125,134
Less: Loss attributable to noncontrolling interest	(515)	(153)
Net income attributable to Cal-Maine Foods, Inc.	$ 926	$ 125,287
Net income per common share:
Basic (in dollars per share)	$ 0.02	$ 2.58
Diluted (in dollars per share)	$ 0.02	$ 2.57
Weighted average shares outstanding:
Basic (in shares)	48,690	48,623
Diluted (in shares)	48,840	48,811

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 411	$ 125,134
Other comprehensive income (loss), before tax:
Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments	786	(997)
Income tax benefit (expense) related to items of other comprehensive income	(191)	243
Other comprehensive Income (loss), net of tax	595	(754)
Comprehensive income	1,006	124,380
Less: Comprehensive loss attributable to the noncontrolling interest	(515)	(153)
Comprehensive income attributable to Cal-Maine Foods, Inc.	$ 1,521	$ 124,533

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Cash flows from operating activities:
Net income	$ 411	$ 125,134
Depreciation and amortization	19,340	17,312
Deferred income taxes	322	(1,324)
Other adjustments, net	3,612	31,690
Net cash provided by operations	23,685	172,812
Cash flows from investing activities:
Purchases of investment securities	(28,296)	(51,834)
Sales and maturities of investment securities	135,768	20,296
Purchases of property, plant and equipment	(26,666)	(27,662)
Net proceeds from disposal of property, plant and equipment	74	78
Net cash provided by (used in) investing activities	80,880	(59,122)
Cash flows from financing activities:
Payments of dividends	(36,983)	(36,653)
Purchase of common stock by treasury	(5)	(45)
Principal payments on finance lease	(58)	(55)
Net cash used in financing activities	(37,046)	(36,753)
Net change in cash and cash equivalents	67,519	76,937
Cash and cash equivalents at beginning of period	292,824	59,084
Cash and cash equivalents at end of period	$ 360,343	$ 136,021

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 02, 2023
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”) have in accordance reporting and should “2023 statement of the results for the interim periods presented and, recurring nature. Operating results year. Fiscal Year The Company’s 2023 and August 27, 2022 included 13 weeks . Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make assumptions that could differ from those estimates. Investment Securities The Company has because the on quoted market prices as of the balance sheet The recorded in interest income. The Company regularly evaluates economic conditions to that fair value was less than the amortized cost basis. Investments Condensed (expenses) as Other, net in the Company’s Condensed Consolidated Statements of Income. The cost basis Gains Statements of Income. Interest and dividends on securities classified as available-for-sale are recorded in interest income. Trade Receivables Trade June 3, 503 579 customers based on an evaluation of each The monitoring historical loss information adjusted as needed for economic and other forward-looking factors. Dividends Payable We The Company pays quarter for in an amount equal 1/3 ) of such quarterly following the last to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income attributable to Cal-Maine Foods, Inc., the Company will not pay a dividend for a subsequent date of the most recent quarter for which a dividend was paid. The dividend policy is subject to periodic review by the Board of Directors. New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our Consolidated Financial Statements.

Investment Securities

Investment Securities	3 Months Ended
	Sep. 02, 2023
Investments Securities [Abstract]
Investment Securities	Note 2 - Investment Securities The following represents the Company’s investment securities as of September 2, 2023 and June 3, 2023 (in thousands): September 2, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 7,915 $ — $ 150 $ 7,765 Commercial paper 8,913 — 15 8,898 Corporate bonds 128,031 — 1,090 126,941 Certificates of deposits 1,125 — 8 1,117 US government and agency obligations 94,584 — 320 94,264 Asset backed securities 10,683 — 49 10,634 Total current investment securities $ 251,251 $ — $ 1,632 $ 249,619 Mutual funds $ 2,181 $ — $ 53 $ 2,128 Total noncurrent investment securities $ 2,181 $ — $ 53 $ 2,128 June 3, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,571 $ — $ 275 $ 16,296 Commercial paper 56,486 — 77 56,409 Corporate bonds 139,979 — 1,402 138,577 Certificates of deposits 675 — — 675 US government and agency obligations 101,240 — 471 100,769 Asset backed securities 13,459 — 151 13,308 Treasury bills 29,069 — 13 29,056 Total current investment securities $ 357,479 $ — $ 2,389 $ 355,090 Mutual funds $ 2,172 $ — $ 91 $ 2,081 Total noncurrent investment securities $ 2,172 $ — $ 91 $ 2,081 Available-for-sale Proceeds from sales and maturities of 135.8 20.3 thirteen weeks September 2, 2 2023 8 27 no September 2, 2023 and June 3, 2023. Actual maturities may differ without penalties. Contractual maturities of current investments at September 2, 2023 are as follows (in thousands): Estimated Fair Value Within one year $ 175,963 1-5 years 73,656 Total $ 249,619 Noncurrent There no 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 02, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3 - Fair Value Measurements The Company hierarchy. The knowledgeable, and willing parties able to engage in the be paid settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, including: ◦ 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 data • 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 at cost are as follows: Cash and cash equivalents, accounts receivable, and accounts payable: short maturity of these instruments. Assets and Liabilities Measured at Fair Value In liabilities measured at fair value on a recurring basis as of September 2, 2023 and June 3, 2023 (in thousands): September 2, 2023 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 7,765 $ — $ 7,765 Commercial paper — 8,898 — 8,898 Corporate bonds — 126,941 — 126,941 Certificates of deposits — 1,117 — 1,117 US government and agency obligations — 94,264 — 94,264 Asset backed securities — 10,634 — 10,634 Mutual funds 2,128 — — 2,128 Total assets measured at fair value $ 2,128 $ 249,619 $ — $ 251,747 June 3, 2023 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,296 $ — $ 16,296 Commercial paper — 56,409 — 56,409 Corporate bonds — 138,577 — 138,577 Certificates of deposits — 675 — 675 US government and agency obligations — 100,769 — 100,769 Asset backed securities — 13,308 — 13,308 Treasury bills — 29,056 — 29,056 Mutual funds 2,081 — — 2,081 Total assets measured at fair value $ 2,081 $ 355,090 $ — $ 357,171 Investment securities when purchased. We Observable inputs for these securities are yields, credit risks, default rates, and volatility.

Inventories

Inventories	3 Months Ended
	Sep. 02, 2023
Inventories [Abstract]
Inventories	Note 4 - Inventories Inventories consisted of the following as of September 2, 2023 and June 3, 2023 (in thousands): September 2, 2023 June 3, 2023 Flocks, net of amortization $ 165,138 $ 164,540 Eggs and egg products 27,604 28,318 Feed and supplies 88,059 91,560 $ 280,801 $ 284,418 We breeders September 2, 10.0 10.8 41.9 million and 41.2

Equity

Equity	3 Months Ended
	Sep. 02, 2023
Equity [Abstract]
Equity	Note 5 - Equity The following reflects equity activity for the thirteen weeks ended September 2, 2023 and August 27, 2022 (in thousands): Thirteen Weeks Ended September 2, 2023 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 June 3, 2023 $ 703 $ 48 $ (30,008) $ 72,112 $ (2,886) $ 1,571,112 $ (1,498) $ 1,609,583 Other comprehensive income, net of tax — — — — 595 — — 595 Stock compensation plan transactions — — (6) 1,041 — — — 1,035 Dividends ($ 0.006 per share) Common — — — — — (265) — (265) Class A common — — — — — (29) — (29) Net income (loss) — — — — — 926 (515) 411 Balance at September 2, 2023 $ 703 $ 48 $ (30,014) $ 73,153 $ (2,291) $ 1,571,744 $ (2,013) $ 1,611,330 Thirteen Weeks Ended August 27, 2022 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 ($ 0.853 per share) Common — — — — — (37,648) — (37,648) Class A common — — — — — (4,094) — (4,094) 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

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Sep. 02, 2023
Net Income per Common Share [Abstract]
Net Income per Common Share	Note 6 - Net Income per Common Share Basic net income per net dilutive effect of share-based awards. The income per common share (amounts in thousands, except per share data): Thirteen Weeks Ended September 2, 2023 August 27, 2022 Numerator Net income $ 411 $ 125,134 Less: Loss attributable to noncontrolling interest (515) (153) Net income attributable to Cal-Maine Foods, Inc. $ 926 $ 125,287 Denominator Weighted-average common shares outstanding, basic 48,690 48,623 Effect of dilutive restricted shares 150 188 Weighted-average common shares outstanding, diluted 48,840 48,811 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.02 $ 2.58 Diluted $ 0.02 $ 2.57

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Sep. 02, 2023
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers	Note 7 - Revenue from Contracts with Customers Satisfaction of Performance Obligation The vast majority of the Company’s revenue is derived from agreements with customers based on the customer placing an order for products. Pricing for establishes the contract for that order. Revenues are shell production. satisfaction customer agreeing upon the order. Returns and Refunds Some of our contracts include a guaranteed sale clause, pursuant to which we credit the customer’s account for product that the customer is unable to sell before expiration. The Company records an allowance for expected customer returns using historical return data and comparing to current period sales and accounts receivable. The allowance is recorded as a reduction of sales in the same period the revenue is recognized. Sales Incentives Provided to Customers The discount offers (e.g., a minimum reduction to reduction historical experience ‘‘Net sales.’’ Disaggregation of Revenue The following table provides revenue disaggregated by product category (in thousands): Thirteen Weeks Ended September 2, 2023 August 27, 2022 Conventional shell egg sales $ 225,280 $ 425,589 Specialty shell egg sales 208,681 200,820 Egg products 22,223 27,640 Other 3,160 4,295 $ 459,344 $ 658,344 Contract Costs The Company can incur costs to obtain or fulfill a contract with a customer. one year, and is contract assets was immaterial. Contract Balances The Company receives payment from customers based on specified terms that are generally less than 30 days from delivery. There are rarely contract assets or liabilities related to performance under the contract.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Sep. 02, 2023
Stock Based Compensation [Abstract]
Stock Based Compensation	Note 8 - Stock Based Compensation Total 1.0 2022. Unrecognized compensation Restated 6.1 average period of 1.9 14 - Stock Compensation Plans in our 2023 Annual Report for further information on our stock compensation plans. The Company’s restricted share activity for the thirteen weeks ended September 2, 2023 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2023 294,140 $ 43.72 Vested (305) 37.70 Forfeited (1,329) 44.68 Outstanding, September 2, 2023 292,506 $ 43.72

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 02, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 9 - Commitments and Contingencies LEGAL PROCEEDINGS State of Texas v. On April 23, of Court of violation (“DTPA”). COVID-19 permanent $ 100,000 prejudice. On September 11, First proceedings. On October 31, 2022, the Company and WCF appealed the First District Court’s Texas. the trial court for further proceedings. Management believes the risk of material loss related to this matter to be Bell et al. v. Cal-Maine Foods et al. On April 1:20-cv-461, producers, and farms. Plaintiffs assert that defendants violated the DTPA for eggs eggs Plaintiffs seek to enjoin the Company and eggs prior 10,000 250,000 each violation motion to motion to judge dismissed without prejudice for lack of subject matter jurisdiction. On September 20, 2021, the court dismissed the case without prejudice. complaint. On March 15, 2022, plaintiffs et al., first class action dismiss. On February Circuit, Case No. 23-50112. Management believes the risk of material loss related to both matters to be remote. Kraft Foods Global, Inc. et al. v. United Egg Producers, Inc. et al. As previously cases involving plaintiffs who sought substantial damages allegedly arising from the purchase of egg remaining plaintiffs are until a subsequent settlement was reached as described below, The Kellogg Company. On September the MDL No. 2002, to the United States District Court for Egg defendants illegally to raise the prices that plaintiffs paid for processed egg products. In particular, the Egg Products Plaintiffs are attacking certain features of the United producers. The Egg and seek treble money damages. On May 2, 2022, the court cancelled the trial date due to COVID-19 protocols and converted the trial date to a status hearing preliminary pre-trial order was filed by the parties on August 22, 2023, and trial is now set for October 17, 2023. In addition, dismissing condition or results of operations. On November 11, 2019, a stipulation for dismissal was filed with the court, and on March 28, 2022, the court dismissed the Company with prejudice. The Company intends to continue to defend the remaining case with the Egg Products Plaintiffs 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 Litigation On June against Cal-Maine and litter the defendants sought Foods, purchased 100 % operation within number of small contract producers that operate in the area. The non-jury trial in the case began in September 2009 and concluded in February 2010. On January 18, 2023, the court entered findings of fact defendants producers reach agreement Chief management believes there estimate the others: uncertainties inherent in any decision in a case tried the Oklahoma, and uncertainty regarding what our proportionate share compared to the other defendants is small. Other Matters In addition to the above, the Company is involved in various other claims and litigation incidental to its business. Although the outcome of these matters cannot be determined with certainty, management, upon the advice of counsel, is of the opinion that the final outcome should not have a material effect on the Company’s consolidated results of operations or financial position.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 02, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 10 - Subsequent Events Effective Fassio acquired, subject to the completion of current capacity 1.2 composting operation and land located in Erda, Utah, outside Salt Lake City.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Sep. 02, 2023
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The “we,” “us,” “our”) have in accordance reporting and should “2023 statement of the results for the interim periods presented and, recurring nature. Operating results year.
Fiscal Year	Fiscal Year The Company’s 2023 and August 27, 2022 included 13 weeks
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make assumptions that could differ from those estimates.
Investment Securities	Investment Securities The Company has because the on quoted market prices as of the balance sheet The recorded in interest income. The Company regularly evaluates economic conditions to that fair value was less than the amortized cost basis. Investments Condensed (expenses) as Other, net in the Company’s Condensed Consolidated Statements of Income. The cost basis Gains Statements of Income. Interest and dividends on securities classified as available-for-sale are recorded in interest income.
Trade Receivables	Trade Receivables Trade June 3, 503 579 customers based on an evaluation of each The monitoring historical loss information adjusted as needed for economic and other forward-looking factors.
Dividends Payable	Dividends Payable We The Company pays quarter for in an amount equal 1/3 ) of such quarterly following the last to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income attributable to Cal-Maine Foods, Inc., the Company will not pay a dividend for a subsequent date of the most recent quarter for which a dividend was paid. The dividend policy is subject to periodic review by the Board of Directors.
New Accounting Pronouncements and Policies	New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our Consolidated Financial Statements.

Fair Value Measurements (Policy

Fair Value Measurements (Policy)	3 Months Ended
	Sep. 02, 2023
Fair Value Measurements [Abstract]
Fair Value Measurement	The Company hierarchy. The knowledgeable, and willing parties able to engage in the be paid settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, including: ◦ 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 data • 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 at cost are as follows: Cash and cash equivalents, accounts receivable, and accounts payable: short maturity of these instruments.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Sep. 02, 2023
Investments Securities [Abstract]
Schedule Of Investment Securities	September 2, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 7,915 $ — $ 150 $ 7,765 Commercial paper 8,913 — 15 8,898 Corporate bonds 128,031 — 1,090 126,941 Certificates of deposits 1,125 — 8 1,117 US government and agency obligations 94,584 — 320 94,264 Asset backed securities 10,683 — 49 10,634 Total current investment securities $ 251,251 $ — $ 1,632 $ 249,619 Mutual funds $ 2,181 $ — $ 53 $ 2,128 Total noncurrent investment securities $ 2,181 $ — $ 53 $ 2,128 June 3, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,571 $ — $ 275 $ 16,296 Commercial paper 56,486 — 77 56,409 Corporate bonds 139,979 — 1,402 138,577 Certificates of deposits 675 — — 675 US government and agency obligations 101,240 — 471 100,769 Asset backed securities 13,459 — 151 13,308 Treasury bills 29,069 — 13 29,056 Total current investment securities $ 357,479 $ — $ 2,389 $ 355,090 Mutual funds $ 2,172 $ — $ 91 $ 2,081 Total noncurrent investment securities $ 2,172 $ — $ 91 $ 2,081
Schedule Of Contractual Maturities Of Investment Securities	Estimated Fair Value Within one year $ 175,963 1-5 years 73,656 Total $ 249,619

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 02, 2023
Fair Value Measurements [Abstract]
Schedule Of Assets Measured At Fair Value On A Recurring Basis	September 2, 2023 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 7,765 $ — $ 7,765 Commercial paper — 8,898 — 8,898 Corporate bonds — 126,941 — 126,941 Certificates of deposits — 1,117 — 1,117 US government and agency obligations — 94,264 — 94,264 Asset backed securities — 10,634 — 10,634 Mutual funds 2,128 — — 2,128 Total assets measured at fair value $ 2,128 $ 249,619 $ — $ 251,747 June 3, 2023 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,296 $ — $ 16,296 Commercial paper — 56,409 — 56,409 Corporate bonds — 138,577 — 138,577 Certificates of deposits — 675 — 675 US government and agency obligations — 100,769 — 100,769 Asset backed securities — 13,308 — 13,308 Treasury bills — 29,056 — 29,056 Mutual funds 2,081 — — 2,081 Total assets measured at fair value $ 2,081 $ 355,090 $ — $ 357,171

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 02, 2023
Inventories [Abstract]
Schedule of Inventories	September 2, 2023 June 3, 2023 Flocks, net of amortization $ 165,138 $ 164,540 Eggs and egg products 27,604 28,318 Feed and supplies 88,059 91,560 $ 280,801 $ 284,418

Equity (Tables)

Equity (Tables)	3 Months Ended
	Sep. 02, 2023
Equity [Abstract]
Summary of Equity Activity	Thirteen Weeks Ended September 2, 2023 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 June 3, 2023 $ 703 $ 48 $ (30,008) $ 72,112 $ (2,886) $ 1,571,112 $ (1,498) $ 1,609,583 Other comprehensive income, net of tax — — — — 595 — — 595 Stock compensation plan transactions — — (6) 1,041 — — — 1,035 Dividends ($ 0.006 per share) Common — — — — — (265) — (265) Class A common — — — — — (29) — (29) Net income (loss) — — — — — 926 (515) 411 Balance at September 2, 2023 $ 703 $ 48 $ (30,014) $ 73,153 $ (2,291) $ 1,571,744 $ (2,013) $ 1,611,330 Thirteen Weeks Ended August 27, 2022 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 ($ 0.853 per share) Common — — — — — (37,648) — (37,648) Class A common — — — — — (4,094) — (4,094) 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

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Sep. 02, 2023
Net Income per Common Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	Thirteen Weeks Ended September 2, 2023 August 27, 2022 Numerator Net income $ 411 $ 125,134 Less: Loss attributable to noncontrolling interest (515) (153) Net income attributable to Cal-Maine Foods, Inc. $ 926 $ 125,287 Denominator Weighted-average common shares outstanding, basic 48,690 48,623 Effect of dilutive restricted shares 150 188 Weighted-average common shares outstanding, diluted 48,840 48,811 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.02 $ 2.58 Diluted $ 0.02 $ 2.57

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Sep. 02, 2023
Revenue from Contracts with Customers [Abstract]
Disaggregation of Revenue	Thirteen Weeks Ended September 2, 2023 August 27, 2022 Conventional shell egg sales $ 225,280 $ 425,589 Specialty shell egg sales 208,681 200,820 Egg products 22,223 27,640 Other 3,160 4,295 $ 459,344 $ 658,344

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Sep. 02, 2023
Stock Based Compensation [Abstract]
Summary of Equity Award Activity	Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2023 294,140 $ 43.72 Vested (305) 37.70 Forfeited (1,329) 44.68 Outstanding, September 2, 2023 292,506 $ 43.72

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022	Jun. 03, 2023
Summary of Significant Accounting Policies [Abstract]
Fiscal period duration	91 days	91 days
Reserves for credit losses	$ 503		$ 579
Percentage of net income loss used to compute accrued dividends	33.33%

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022	Jun. 03, 2023
Investments Securities [Abstract]
Proceeds from sale of available-for-sale securities, current	$ 135,800,000	$ 20,300,000
Proceeds from sale of available-for-sale securities, noncurrent	0	0
Gross realized gains on sales of available-for-sale securities, current	2,000	2,000
Gross realized losses on sales of available-for-sale securities, current	8,000	$ 27,000
Allowance for credit losses	$ 0		$ 0

Investment Securities (Schedule

Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands	Sep. 02, 2023	Jun. 03, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	$ 251,251	$ 357,479
Unrealized Gains, Current	0	0
Unrealized Losses, Current	1,632	2,389
Estimated Fair Value, Current	249,619	355,090
Amortized Cost, Noncurrent	2,181	2,172
Unrealized Gains, Noncurrent	0	0
Unrealized Losses, Noncurrent	53	91
Estimated Fair Value, Noncurrent	2,128	2,081
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	7,915	16,571
Unrealized Gains, Current	0	0
Unrealized Losses, Current	150	275
Estimated Fair Value, Current	7,765	16,296
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	8,913	56,486
Unrealized Gains, Current	0	0
Unrealized Losses, Current	15	77
Estimated Fair Value, Current	8,898	56,409
Corporate Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	128,031	139,979
Unrealized Gains, Current	0	0
Unrealized Losses, Current	1,090	1,402
Estimated Fair Value, Current	126,941	138,577
Certificates of Deposits [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	1,125	675
Unrealized Gains, Current	0	0
Unrealized Losses, Current	8	0
Estimated Fair Value, Current	1,117	675
US Government and Agency Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	94,584	101,240
Unrealized Gains, Current	0	0
Unrealized Losses, Current	320	471
Estimated Fair Value, Current	94,264	100,769
Asset Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	10,683	13,459
Unrealized Gains, Current	0	0
Unrealized Losses, Current	49	151
Estimated Fair Value, Current	10,634	13,308
Treasury Bills [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current		29,069
Unrealized Gains, Current		0
Unrealized Losses, Current		13
Estimated Fair Value, Current		29,056
Mutual Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Noncurrent	2,181	2,172
Unrealized Gains, Noncurrent	0	0
Unrealized Losses, Noncurrent	53	91
Estimated Fair Value, Noncurrent	$ 2,128	$ 2,081

Investment Securities (Schedu_2

Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands	Sep. 02, 2023	Jun. 03, 2023
Investments Securities [Abstract]
Within one year	$ 175,963
1-5 years	73,656
Total	$ 249,619	$ 355,090

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 02, 2023	Jun. 03, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 251,747	$ 357,171
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	2,128	2,081
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	249,619	355,090
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	7,765	16,296
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	7,765	16,296
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	8,898	56,409
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	8,898	56,409
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	126,941	138,577
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	126,941	138,577
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	126,941	675
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	126,941	675
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	94,264	100,769
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	94,264	100,769
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	10,634	13,308
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	10,634	13,308
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		29,056
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		29,056
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	2,128	2,081
Mutual Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	2,128	2,081
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, $ in Millions	Sep. 02, 2023 Layers pullet_and_breeder	Jun. 03, 2023 USD ($)
Inventories [Abstract]
Pullets and breeders	10	10.8
Layers	41.9	41.2

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 02, 2023	Jun. 03, 2023
Inventories [Abstract]
Flocks, net of amortization	$ 165,138	$ 164,540
Eggs and egg products	27,604	28,318
Feed and supplies	88,059	91,560
Total inventories	$ 280,801	$ 284,418

Equity (Summary of Equity Activ

Equity (Summary of Equity Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Beginning balance	$ 1,609,583	$ 1,104,345
Other comprehensive loss, net of tax	595	(754)
Stock compensation plan transactions	1,035	980
Net income (loss)	411	125,134
Ending balance	$ 1,611,330	$ 1,187,963
Dividends per common share (in dollars per share)	$ 0.006	$ 0.853
Common Stock [Member]
Beginning balance	$ 703	$ 703
Ending balance	703	703
Treasury Stock [Member]
Beginning balance	(30,008)	(28,447)
Stock compensation plan transactions	(6)	(48)
Ending balance	(30,014)	(28,495)
Paid In Capital [Member]
Beginning balance	72,112	67,989
Stock compensation plan transactions	1,041	1,028
Ending balance	73,153	69,017
Accum. Other Comp. Loss [Member]
Beginning balance	(2,886)	(1,596)
Other comprehensive loss, net of tax	595	(754)
Ending balance	(2,291)	(2,350)
Retained Earnings [Member]
Beginning balance	1,571,112	1,065,854
Net income (loss)	926	125,287
Ending balance	1,571,744	1,149,399
Noncontrolling Interest [Member]
Beginning balance	(1,498)	(206)
Net income (loss)	(515)	(153)
Ending balance	(2,013)	(359)
Common Stock [Member]
Dividends	(265)	(37,648)
Common Stock [Member] | Retained Earnings [Member]
Dividends	(265)	(37,648)
Class A Common Stock [Member]
Dividends	(29)	(4,094)
Class A Common Stock [Member] | Common Stock [Member]
Beginning balance	48	48
Ending balance	48	48
Class A Common Stock [Member] | Retained Earnings [Member]
Dividends	$ (29)	$ (4,094)

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
	Sep. 02, 2023	Aug. 27, 2022
Net Income per Common Share [Abstract]
Net income	$ 411	$ 125,134
Less: Loss attributable to noncontrolling interest	(515)	(153)
Net income attributable to Cal-Maine Foods, Inc.	$ 926	$ 125,287
Denominator
Weighted-average common shares outstanding, basic (in shares)	48,690	48,623
Effect of dilutive restricted shares (in shares)	150	188
Weighted-average common shares outstanding, diluted (in shares)	48,840	48,811
Net income per common share attributable to Cal-Maine Foods, Inc.
Basic (in dollars per share)	$ 0.02	$ 2.58
Diluted (in dollars per share)	$ 0.02	$ 2.57

Revenue from Contracts with C_3

Revenue from Contracts with Customer (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 459,344	$ 658,344
Conventional shell egg sales [Member]
Disaggregation of Revenue [Line Items]
Net sales	225,280	425,589
Specialty shell egg sales [Member]
Disaggregation of Revenue [Line Items]
Net sales	208,681	200,820
Egg products [Member]
Disaggregation of Revenue [Line Items]
Net sales	22,223	27,640
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 3,160	$ 4,295

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 6.1
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
	Sep. 02, 2023 $ / 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	294,140
Number of Shares, Vested (in shares) | shares	(305)
Number of Shares, Forfeited (in shares) | shares	(1,329)
Number of Shares, Outstanding, Ending Balance (in shares) | shares	292,506
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	$ 43.72
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	37.70
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	44.68
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares	$ 43.72

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details)		3 Months Ended
	Apr. 23, 2020 $ / Claim	Sep. 02, 2023 USD ($)
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

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) Layers in Millions	Sep. 28, 2023 Layers
Subsequent Event [Member] | Fassio Egg Farms, Inc. [Member]
Subsequent Event [Line Items]
Layer capacity	1.2