3
INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Cal-Maine Foods, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except for par value amounts)
(Unaudited)
December 2, 2023
May 28, 2022June 3, 2023
Assets
Current assets:
Cash and cash equivalents
$
221,614361,783
$
59,084292,824
Investment securities available-for-sale
423,418206,045
115,429355,090
Trade and other receivables, net
206,920165,391
177,257120,247
Income tax receivable
42,94733,771
42,14766,966
Inventories
290,869287,270
263,316284,418
Prepaid expenses and other current assets
7,5999,673
4,2865,380
1,193,3671,063,933
661,5191,124,925
Property, plant &
equipment, net
712,512815,468
677,796744,540
Investments in unconsolidated entities
16,14614,370
15,53014,449
Goodwill
44,00645,776
44,006
Intangible assets, net
16,48417,074
18,13115,897
Other long-term assets
9,96810,184
10,50710,708
Total Assets
$
1,992,4831,966,805
$
1,427,4891,954,525
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses
$
138,61798,144
$
122,33182,590
Accrued wages and benefits
20,164
38,733
Accrued income taxes payable
66,7238,445
25,6878,288
Dividends payable
107,7205,682
36,65637,130
Accrued expenses and other liabilities
21,352
15,990
Total current
liabilities
313,060153,787
184,674182,731
Other noncurrent liabilities
9,71530,571
10,2749,999
Deferred income taxes, net
134,820158,483
128,196152,212
Total liabilities
457,595342,841
323,144344,942
Commitments and contingencies - see Note 910
—
—
Stockholders’ equity:
Common stock ($
0.01
Common stock - authorized
120,000
70,261
703
703
Class A convertible common stock - authorized and issued
4,800
48
48
Paid-in capital
70,97774,214
67,98972,112
Retained earnings
1,497,3251,583,071
1,065,8541,571,112
Accumulated other comprehensive loss, net of tax
(3,067)(1,614)
(1,596)(2,886)
Common stock in treasury at cost –
26,07526,078
shares at
February 25,December 2, 2023 and
26,12126,077
shares at May 28, 2022June 3, 2023
(29,996)(30,014)
(28,447)(30,008)
Total Cal-Maine Foods,
Inc. stockholders’ equity
1,535,9901,626,408
1,104,5511,611,081
Noncontrolling interest in consolidated entity
(1,102)(2,444)
(206)(1,498)
Total stockholders’
equity
1,534,8881,623,964
1,104,3451,609,583
Total Liabilities and Stockholders’
Equity
$
1,992,4831,966,805
$
1,427,4891,954,525
See Notes to Condensed Consolidated Financial Statements.