Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Feb. 27, 2021 | Mar. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 27, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-38695 | |
Entity Registrant Name | CAL-MAINE FOODS, INC | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 64-0500378 | |
Local Phone Number | 948-6813 | |
City Area Code | 601 | |
Entity Address Postal Zip Code | 39209 | |
Entity Address State Or Province | MS | |
Entity Address City Or Town | Jackson | |
Entity Address Address Line 1 | 3320 Woodrow Wilson Avenue | |
Security 12b Title | Common Stock, $0.01 par value per share | |
Trading Symbol | CALM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Central Index Key | 0000016160 | |
Current Fiscal Year End Date | --05-29 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 44,056,163 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 4,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 27, 2021 | May 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 52,917 | $ 78,130 |
Investment securities available-for-sale | 127,771 | 154,163 |
Trade and other receivables, net | 130,314 | 98,375 |
Inventories | 207,739 | 187,216 |
Prepaid expenses and other current assets | 4,162 | 4,367 |
Total current assets | 522,903 | 522,251 |
Property, plant & equipment, net | 585,389 | 557,375 |
Finance lease right-of-use asset, net | 563 | 678 |
Operating lease right-of-use asset, net | 1,922 | 2,531 |
Investments in unconsolidated entities | 57,055 | 60,982 |
Goodwill | 35,525 | 35,525 |
Intangible assets, net | 22,256 | 22,816 |
Other long-term assets | 5,671 | 4,536 |
Total Assets | 1,231,284 | 1,206,694 |
Current liabilities: | ||
Accounts payable and accrued expenses | 99,851 | 92,182 |
Current portion of finance lease obligation | 212 | 205 |
Current portion of operating lease obligation | 741 | 796 |
Total current liabilities | 100,804 | 93,183 |
Long-term finance lease obligation | 492 | 652 |
Long-term operating lease obligation | 1,180 | 1,735 |
Other noncurrent liabilities | 9,690 | 8,681 |
Deferred income taxes | 102,669 | 92,768 |
Total liabilities | 214,835 | 197,019 |
Commitments and contingencies - see Note 12 | ||
Stockholders' equity: | ||
Paid-in capital | 63,170 | 60,372 |
Retained earnings | 980,212 | 975,147 |
Accumulated other comprehensive income (loss), net of tax | (135) | 79 |
Common stock in treasury at cost - 26,205 shares at February 27, 2021 and 26,287 shares at May 30, 2020 | (27,549) | (26,674) |
Total stockholders' equity | 1,016,449 | 1,009,675 |
Total Liabilities and Stockholders' Equity | 1,231,284 | 1,206,694 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 703 | 703 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 48 | $ 48 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 27, 2021 | May 30, 2020 |
Treasury stock, shares | 26,205,000 | 26,287,000 |
Common Stock [Member] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 70,261,000 | 70,261,000 |
Class A Common Stock [Member] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,800,000 | 4,800,000 |
Common stock, shares issued | 4,800,000 | 4,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 359,080 | $ 345,588 | $ 999,189 | $ 898,276 |
Cost of sales | 311,563 | 295,760 | 876,457 | 840,198 |
Gross profit | 47,517 | 49,828 | 122,732 | 58,078 |
Selling, general and administrative | 47,656 | 44,231 | 135,494 | 132,434 |
Loss on disposal of fixed assets | 354 | 385 | 476 | 467 |
Operating income (loss) | (493) | 5,212 | (13,238) | (74,823) |
Other income (expense): | ||||
Interest income, net | 591 | 803 | 2,181 | 3,628 |
Royalty income | 321 | 414 | 906 | 1,173 |
Patronage dividends | 9,004 | 10,096 | 9,004 | 10,096 |
Equity income of unconsolidated entities | 1,872 | 1,445 | 1,886 | 537 |
Other, net | 537 | 79 | 1,485 | 1,897 |
Total other income, net | 12,325 | 12,837 | 15,462 | 17,331 |
Income (loss) before income taxes | 11,832 | 18,049 | 2,224 | (57,492) |
Income tax (benefit) expense | (1,716) | 4,278 | (4,080) | (15,356) |
Net income (loss) | 13,548 | 13,771 | 6,304 | (42,136) |
Less: Income (loss) attributable to noncontrolling interest | 0 | 22 | 0 | (64) |
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 13,548 | $ 13,749 | $ 6,304 | $ (42,072) |
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.13 | $ (0.87) |
Diluted (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.13 | $ (0.87) |
Weighted average shares outstanding: | ||||
Basic | 48,530 | 48,473 | 48,511 | 48,455 |
Diluted | 48,659 | 48,588 | 48,649 | 48,455 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net profit (loss) | $ 13,548 | $ 13,771 | $ 6,304 | $ (42,136) |
Other comprehensive income (loss), before tax: | ||||
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments | (378) | (38) | (283) | (863) |
Income tax benefit related to items of other comprehensive income | 92 | 9 | 69 | 210 |
Other comprehensive loss, net of tax | (286) | (29) | (214) | (653) |
Comprehensive income (loss) | 13,262 | 13,742 | 6,090 | (42,789) |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | 22 | 0 | (64) |
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc. | $ 13,262 | $ 13,720 | $ 6,090 | $ (42,725) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Operating activities: | ||
Net income (loss) | $ 6,304 | $ (42,136) |
Depreciation and amortization | 44,391 | 42,911 |
Deferred income taxes | 9,970 | (13,406) |
Impairment loss on property, plant & equipment | 0 | 2,919 |
Other adjustments, net | (45,936) | (26,742) |
Net cash provided by (used in) operations | 14,729 | (36,454) |
Investing activities: | ||
Purchases of investment securities | (59,415) | (12,100) |
Sales and maturities of investment securities | 85,202 | 181,533 |
Distributions from unconsolidated entities | 5,813 | 6,114 |
Acquisition of business | 0 | (44,515) |
Purchases of property, plant and equipment | (73,796) | (94,600) |
Net proceeds from disposal of property, plant and equipment | 3,273 | 1,839 |
Net cash provided by (used in) investing activities | (38,923) | 38,271 |
Financing activities: | ||
Purchase of common stock by treasury | (871) | (910) |
Distributions to noncontrolling interests | 0 | (755) |
Principal payments on long-term debt | 0 | (1,500) |
Principal payments on finance lease | (153) | (146) |
Contributions | 5 | 0 |
Net cash used in financing activities | (1,019) | (3,311) |
Net change in cash and cash equivalents | (25,213) | (1,494) |
Cash and cash equivalents at beginning of period | 78,130 | 69,247 |
Cash and cash equivalents at end of period | 52,917 | 67,753 |
Supplemental Information: | ||
Cash paid for operating leases | 703 | 635 |
Interest paid | $ 193 | $ 77 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Feb. 27, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Presentation The "we," Therefore, they United Report adjustments that are, in and, periods are not necessarily indicative of operating results for the entire fiscal Fiscal Year The Company's ended on February 27, 2021 and February 29, 2020 included 13 weeks Use of Estimates The preparation of the assumptions could differ from those estimates. The severity, changing periods in response to COVID-19. Investment Securities Our investment 320”). restrictions current, because the with unrealized changes to losses through allowance basis for realized gains and losses Operations. Sheets. Trade Receivables Trade 30, 728 744 customers based on The limits, monitoring assigned factors. Change in Accounting Principle Effective intended instruments held by financial institutions and other organizations. an “expected based guidance on the period of risk “expected guidance and recorded a $ 422 |
Investment Securities
Investment Securities | 9 Months Ended |
Feb. 27, 2021 | |
Investments Securities [Abstract] | |
Investment Securities | Note 2 - Investment Securities The following represents the Company’s February 27, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,157 $ 52 $ — $ 16,209 Commercial paper 6,345 — — 6,345 Corporate bonds 92,256 1,062 — 93,318 Certificates of deposits 2,084 — 7 2,077 Asset backed securities 9,823 — 1 9,822 Total current $ 126,665 $ 1,114 $ 8 $ 127,771 Mutual funds $ 2,293 $ 1,424 $ — $ 3,717 Total noncurrent $ 2,293 $ 1,424 $ — $ 3,717 43981 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,093 $ 86 $ — $ 16,179 Commercial paper 6,965 17 — 6,982 Corporate bonds 125,594 1,274 — 126,868 Certificates of deposits 1,492 — — 1,492 Asset backed securities 2,629 13 — 2,642 Total current $ 152,773 $ 1,390 $ — $ 154,163 Mutual funds $ 2,005 $ 744 $ — $ 2,749 Total noncurrent $ 2,005 $ 744 $ — $ 2,749 Available-for-sale Proceeds from sales 85.2 181.5 thirty-nine weeks ended 116 246 17 thousand 7 respectively. no Actual maturities without penalties. Estimated Fair Value Within one year $ 44,862 1-5 years 82,909 Total $ 127,771 Noncurrent There were no sales 1.2 2020. 611 no losses for the thirty-nine weeks ended February 27, 2021 and February |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Feb. 27, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 - Fair Value The Company hierarchy. knowledgeable, and willing be settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, ◦ Quoted prices for similar assets or liabilities in active markets ◦ Quoted prices for identical or similar assets in non-active markets ◦ Inputs other than quoted prices that are observable for the asset or liability ◦ Inputs derived principally from or corroborated by other observable • Level 3 significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair In liabilities measured at fair value on a recurring basis as of February 27, 2021 and May 30, February 27, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,209 $ — $ 16,209 Commercial paper — 6,345 — 6,345 Corporate bonds — 93,318 — 93,318 Certificates of deposits — 2,077 — 2,077 Asset backed securities — 9,822 — 9,822 Mutual funds 3,717 — — 3,717 Total assets measured at fair $ 3,717 $ 127,771 $ — $ 131,488 43981 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,179 $ — $ 16,179 Commercial paper — 6,982 — 6,982 Corporate bonds — 126,868 — 126,868 Certificates of deposits — 1,492 — 1,492 Asset backed securities — 2,642 — 2,642 Mutual funds 2,749 — — 2,749 Total assets measured at fair $ 2,749 $ 154,163 $ — $ 156,912 Investment when purchased. Observable inputs for these securities are yields, credit risks, default |
Inventories
Inventories | 9 Months Ended |
Feb. 27, 2021 | |
Inventories [Abstract] | |
Inventories | Note 4 - Inventories Inventories consisted of the following as of February 27, 2021 and February 27, 2021 43981 Flocks, net of amortization $ 115,904 $ 110,198 Eggs and egg products 18,069 18,487 Feed and supplies 73,766 58,531 $ 207,739 $ 187,216 We breeders (male and female chickens used to produce fertile eggs 27, 2021 consisted of approximately 9.6 41.3 |
Accrued Dividends Payable and D
Accrued Dividends Payable and Dividends per Common Share | 9 Months Ended |
Feb. 27, 2021 | |
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 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 approximately 0.034 recorded in Accounts payable and accrued expenses in the Company’s On computation in the following table (in thousands, except per share data): Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 29, 2020 February 27, 2021 February 29, 2020 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 13,548 $ 13,749 $ 6,304 $ (42,072) Cumulative losses to be recovered prior to payment of divided at beginning of period (8,614) (75,582) (1,370) (19,761) Net income attributable to Cal-Maine Foods, Inc. available for dividend $ 4,934 $ — $ 4,934 $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend 1,645 Common stock outstanding (shares) 44,056 Class A common stock outstanding (shares) 4,800 Total common stock 48,856 Dividends per common share* $ 0.034 * Dividends per common share outstanding (shares). |
Equity
Equity | 9 Months Ended |
Feb. 27, 2021 | |
Equity [Abstract] | |
Equity | Note 6 - Equity The following reflects the equity activity, (in thousands): Thirty-nine Weeks Ended February Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at May 30, 2020 $ 703 $ 48 $ (26,674) $ 60,372 $ 79 $ 975,147 $ 1,009,675 Impact of ASC 326, see Note 1 — — — — — 422 422 Balance at May 31, 2020 703 48 (26,674) 60,372 79 975,569 1,010,097 Other comprehensive loss, net of tax — — — — (214) — (214) Restricted stock forfeitures — — (4) 4 — — — Purchase of company stock — — (871) — — — (871) Restricted stock compensation — — — 2,789 — — 2,789 Contributions — — — 5 — — 5 Dividends — — — — — (1,661) (1,661) Net income — — — — — 6,304 6,304 Balance at February 27, 2021 $ 703 $ 48 $ (27,549) $ 63,170 $ (135) $ 980,212 $ 1,016,449 Thirty-nine Weeks Ended February 29, 2020 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at June 01, 2019 $ 703 $ 48 $ (25,866) $ 56,857 $ 355 $ 954,527 $ 3,182 $ 989,806 Other comprehensive loss, net of tax — — — — (653) — — (653) Restricted stock forfeitures — — 102 (102) — — — — Purchase of company stock — — (910) — — — — (910) Distributions to noncontrolling interest partners — — — — — — (755) (755) Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition — — — — — 1,779 (1,779) — Restricted stock compensation — — — 2,680 — — — 2,680 Net loss — — — — — (42,072) (64) (42,136) Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 Thirteen Weeks Ended February Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at November 28, 2020 $ 703 $ 48 $ (26,723) $ 62,206 $ 151 $ 968,325 $ 1,004,710 Other comprehensive loss, net of tax — — — — (286) — (286) Purchase of company stock — — (826) — — — (826) Restricted stock compensation — — — 964 — — 964 Dividends — — — — — (1,661) (1,661) Net income — — — — — 13,548 13,548 Balance at February 27, 2021 $ 703 $ 48 $ (27,549) $ 63,170 $ (135) $ 980,212 $ 1,016,449 Thirteen Weeks Ended February 29, 2020 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at November 30, 2019 $ 703 $ 48 $ (25,888) $ 58,652 $ (269) $ 900,485 $ 562 $ 934,293 Other comprehensive loss, net of tax — — — — (29) — — (29) Restricted stock forfeitures — — 103 (103) — — — — Purchase of company stock — — (889) — — — — (889) Restricted stock compensation — — — 886 — — — 886 Net income — — — — — 13,749 22 13,771 Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 9 Months Ended |
Feb. 27, 2021 | |
Net Income (Loss) per Common Share [Abstract] | |
Net Income (Loss) per Common Share | Note 7 - Net Income (Loss) per Common Share Basic net Class A Common average Restricted 121 These shares were not included in the diluted net loss per share calculation. The income per common share attributable to Cal-Maine Foods, Inc. Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 29, 2020 February 27, 2021 February 29, 2020 Numerator Net income (loss) $ 13,548 $ 13,771 $ 6,304 $ (42,136) Less: Income (loss) attributable to noncontrolling interest — 22 — (64) Net income (loss) attributable to Cal- Maine Foods, Inc. $ 13,548 $ 13,749 $ 6,304 $ (42,072) Denominator Weighted-average outstanding, basic 48,530 48,473 48,511 48,455 Effect of dilutive restricted shares 129 115 138 — Weighted-average outstanding, diluted 48,659 48,588 48,649 48,455 Net income (loss) per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.28 $ 0.28 $ 0.13 $ (0.87) Diluted $ 0.28 $ 0.28 $ 0.13 $ (0.87) |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Feb. 27, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 8 - Revenue Recognition Satisfaction of Performance Obligation The vast for products. establishes the contract for that order. Revenues are shell eggs our costs upon satisfaction customer agreeing upon the order. Returns and Refunds Some of our contracts customer is unable to data and corresponding reduction in trade accounts receivable. Sales Incentives Provided to Customers The discount offers a minimum reduction reduction to sales price based on estimated future redemption rates. Disaggregation of Revenue The following table provides revenue disaggregated by product category Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 29, 2020 February 27, 2021 February 29, 2020 Conventional shell egg sales $ 203,189 $ 210,329 $ 560,297 $ 518,898 Specialty shell egg sales 145,210 125,019 408,537 352,118 Egg products 9,098 9,212 25,736 24,210 Other 1,583 1,028 4,619 3,050 $ 359,080 $ 345,588 $ 999,189 $ 898,276 Contract Costs The Company can one year; therefore, they are expensed as incurred. Contract Balances The Company There are financial statements. |
Leases
Leases | 9 Months Ended |
Feb. 27, 2021 | |
Leases [Abstract] | |
Leases | Note 9 - Leases Expenses related in Cost of sales, Selling general and administrative expense, and Interest of Operations. The Company’s lease cost 13 Weeks Ended 39 Weeks Ended Operating Lease cost $ 233 $ 703 Finance Lease cost Amortization of right-of-use asset $ 44 $ 125 Interest on lease obligations $ 9 $ 27 Short term lease cost $ 857 $ 2,714 Future minimum lease payments under non-cancelable leases are as follows (in As of February 27, 2021 Operating Leases Finance Leases Remainder fiscal 2021 $ 224 $ 68 2022 802 239 2023 539 239 2024 380 218 2025 130 — 2026 26 — Thereafter 5 — Total 2,106 764 Less imputed interest (185) (60) Total $ 1,921 $ 704 The Balance Sheet are as follows: As of February 27, 2021 Operating Leases Finance Leases Weighted-average 3.0 2.8 Weighted-average 5.9 % 4.9 % |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Feb. 27, 2021 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 10 - Stock Based Compensation On Incentive individuals available 2,000,000 , 1,128,488 authorized but member of the Company’s our subsidiaries (except for incentive stock options, which may be granted The only grant contains no other service or performance right of the period date closing price and is amortized over the vesting period. Total 2.8 2.7 and February 29, 2020, respectively. Unrecognized Long-Term 7.5 2.3 Refer 2020 Annual compensation plans. The Company’s restricted share activity Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 30, 2020 273,046 $ 41.36 Granted 110,560 37.71 Vested (79,328) 43.96 Forfeited (4,431) 40.12 Outstanding, February 27, 2021 299,847 $ 39.35 |
Income Taxes
Income Taxes | 9 Months Ended |
Feb. 27, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11 – Income Taxes The differences the statutory federal income tax rate for the thirteen and thirty-nine Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 27, 2021 Statutory federal income tax $ 2,907 $ 543 Enacted net operating loss carryback provision (6,422) (6,422) Domestic manufacturers deduction 1,408 1,408 Other, net 391 391 $ (1,716) $ (4,080) On March Act economic accounting 2018 through 2020, our fiscal years 2019 through 2021. Our financial Act. for the statutory 21 % 35 %. difference 6.4 the thirteen reduced our taxable income using 1.4 discrete income tax expense during the thirteen weeks ended February 27, |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Feb. 27, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and Contingencies Financial Instruments The Company maintained 4.1 the Company's Revolving Credit Facility. recorded as a liability on the consolidated balance sheets. LEGAL PROCEEDINGS State of Texas On April of Court of violation (“DTPA”). COVID-19 permanent $ 100,000 prejudice. On September First District. The 8, 2021. 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 impacting anyone over motion Management believes the risk of material loss related to this matter 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. The parties filed a joint status the court. It appears that the case will not be tried until later in 2021 or 2022. In addition, dismissing condition or results not yet entered a judgment on the filing. The Company intends to on resolution of management Products Plaintiffs, due to a range of remand; factual issues money damages). State of Oklahoma Watershed Pollution On June against Cal-Maine Foods, Inc. and Inc. and chicken The complaint court. Foods, remediation. Since Foods, LLC, LLC is not a defendant in the litigation. The trial in the case has not yet issued its ruling. Management believes the risk of material loss related Other Matters In addition to outcome of the final outcome should not have a material effect on the Company’s |
Related Party Transaction
Related Party Transaction | 9 Months Ended |
Feb. 27, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Note 13 - Related Party Transaction On Adams, beneficiaries 6,900,000 Common Stock held by them, pursuant to a previously as an exhibit to our 2020 Annual Report. Mrs. Adams and the offering including the Prospectus each of Common capital legal $ 1,102,000 . Pursuant to the Agreement, the Selling Stockholders reimbursed the Company 551,000 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Feb. 27, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The "we," Therefore, they United Report adjustments that are, in and, periods are not necessarily indicative of operating results for the entire fiscal |
Fiscal Year | Fiscal Year The Company's ended on February 27, 2021 and February 29, 2020 included 13 weeks |
Use of Estimates | Use of Estimates The preparation of the assumptions could differ from those estimates. The severity, changing periods in response to COVID-19. |
Investment Securities | Investment Securities Our investment 320”). restrictions current, because the with unrealized changes to losses through allowance basis for realized gains and losses Operations. Sheets. |
Trade Receivables | Trade Receivables Trade 30, 728 744 customers based on The limits, monitoring assigned factors. |
Change in Accounting Principle | Change in Accounting Principle Effective intended instruments held by financial institutions and other organizations. an “expected based guidance on the period of risk “expected guidance and recorded a $ 422 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Investments Securities [Abstract] | |
Schedule of Investment Securities | February 27, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,157 $ 52 $ — $ 16,209 Commercial paper 6,345 — — 6,345 Corporate bonds 92,256 1,062 — 93,318 Certificates of deposits 2,084 — 7 2,077 Asset backed securities 9,823 — 1 9,822 Total current $ 126,665 $ 1,114 $ 8 $ 127,771 Mutual funds $ 2,293 $ 1,424 $ — $ 3,717 Total noncurrent $ 2,293 $ 1,424 $ — $ 3,717 43981 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,093 $ 86 $ — $ 16,179 Commercial paper 6,965 17 — 6,982 Corporate bonds 125,594 1,274 — 126,868 Certificates of deposits 1,492 — — 1,492 Asset backed securities 2,629 13 — 2,642 Total current $ 152,773 $ 1,390 $ — $ 154,163 Mutual funds $ 2,005 $ 744 $ — $ 2,749 Total noncurrent $ 2,005 $ 744 $ — $ 2,749 |
Schedule of Contractual Maturities of Investment Securities | Estimated Fair Value Within one year $ 44,862 1-5 years 82,909 Total $ 127,771 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | February 27, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,209 $ — $ 16,209 Commercial paper — 6,345 — 6,345 Corporate bonds — 93,318 — 93,318 Certificates of deposits — 2,077 — 2,077 Asset backed securities — 9,822 — 9,822 Mutual funds 3,717 — — 3,717 Total assets measured at fair $ 3,717 $ 127,771 $ — $ 131,488 43981 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,179 $ — $ 16,179 Commercial paper — 6,982 — 6,982 Corporate bonds — 126,868 — 126,868 Certificates of deposits — 1,492 — 1,492 Asset backed securities — 2,642 — 2,642 Mutual funds 2,749 — — 2,749 Total assets measured at fair $ 2,749 $ 154,163 $ — $ 156,912 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | February 27, 2021 43981 Flocks, net of amortization $ 115,904 $ 110,198 Eggs and egg products 18,069 18,487 Feed and supplies 73,766 58,531 $ 207,739 $ 187,216 |
Accrued Dividends Payable and_2
Accrued Dividends Payable and Dividends per Common Share (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Accrued Dividends Payable and Dividends per Common Share [Abstract] | |
Schedule of Dividends | Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 29, 2020 February 27, 2021 February 29, 2020 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 13,548 $ 13,749 $ 6,304 $ (42,072) Cumulative losses to be recovered prior to payment of divided at beginning of period (8,614) (75,582) (1,370) (19,761) Net income attributable to Cal-Maine Foods, Inc. available for dividend $ 4,934 $ — $ 4,934 $ — 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend 1,645 Common stock outstanding (shares) 44,056 Class A common stock outstanding (shares) 4,800 Total common stock 48,856 Dividends per common share* $ 0.034 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Equity [Abstract] | |
Schedule of Statement of Stockholders' Equity Activities, Including Noncontrolling Interest | Thirteen Weeks Ended February Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at November 28, 2020 $ 703 $ 48 $ (26,723) $ 62,206 $ 151 $ 968,325 $ 1,004,710 Other comprehensive loss, net of tax — — — — (286) — (286) Purchase of company stock — — (826) — — — (826) Restricted stock compensation — — — 964 — — 964 Dividends — — — — — (1,661) (1,661) Net income — — — — — 13,548 13,548 Balance at February 27, 2021 $ 703 $ 48 $ (27,549) $ 63,170 $ (135) $ 980,212 $ 1,016,449 Thirty-nine Weeks Ended February Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Amount Amount Amount Capital Comp. Income Earnings Total Balance at May 30, 2020 $ 703 $ 48 $ (26,674) $ 60,372 $ 79 $ 975,147 $ 1,009,675 Impact of ASC 326, see Note 1 — — — — — 422 422 Balance at May 31, 2020 703 48 (26,674) 60,372 79 975,569 1,010,097 Other comprehensive loss, net of tax — — — — (214) — (214) Restricted stock forfeitures — — (4) 4 — — — Purchase of company stock — — (871) — — — (871) Restricted stock compensation — — — 2,789 — — 2,789 Contributions — — — 5 — — 5 Dividends — — — — — (1,661) (1,661) Net income — — — — — 6,304 6,304 Balance at February 27, 2021 $ 703 $ 48 $ (27,549) $ 63,170 $ (135) $ 980,212 $ 1,016,449 Thirteen Weeks Ended February 29, 2020 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at November 30, 2019 $ 703 $ 48 $ (25,888) $ 58,652 $ (269) $ 900,485 $ 562 $ 934,293 Other comprehensive loss, net of tax — — — — (29) — — (29) Restricted stock forfeitures — — 103 (103) — — — — Purchase of company stock — — (889) — — — — (889) Restricted stock compensation — — — 886 — — — 886 Net income — — — — — 13,749 22 13,771 Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 Thirty-nine Weeks Ended February 29, 2020 Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Income Earnings Interest Total Balance at June 01, 2019 $ 703 $ 48 $ (25,866) $ 56,857 $ 355 $ 954,527 $ 3,182 $ 989,806 Other comprehensive loss, net of tax — — — — (653) — — (653) Restricted stock forfeitures — — 102 (102) — — — — Purchase of company stock — — (910) — — — — (910) Distributions to noncontrolling interest partners — — — — — — (755) (755) Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition — — — — — 1,779 (1,779) — Restricted stock compensation — — — 2,680 — — — 2,680 Net loss — — — — — (42,072) (64) (42,136) Balance at February 29, 2020 $ 703 $ 48 $ (26,674) $ 59,435 $ (298) $ 914,234 $ 584 $ 948,032 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Net Income (Loss) per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share Attributable to the Company | Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 29, 2020 February 27, 2021 February 29, 2020 Numerator Net income (loss) $ 13,548 $ 13,771 $ 6,304 $ (42,136) Less: Income (loss) attributable to noncontrolling interest — 22 — (64) Net income (loss) attributable to Cal- Maine Foods, Inc. $ 13,548 $ 13,749 $ 6,304 $ (42,072) Denominator Weighted-average outstanding, basic 48,530 48,473 48,511 48,455 Effect of dilutive restricted shares 129 115 138 — Weighted-average outstanding, diluted 48,659 48,588 48,649 48,455 Net income (loss) per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.28 $ 0.28 $ 0.13 $ (0.87) Diluted $ 0.28 $ 0.28 $ 0.13 $ (0.87) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 29, 2020 February 27, 2021 February 29, 2020 Conventional shell egg sales $ 203,189 $ 210,329 $ 560,297 $ 518,898 Specialty shell egg sales 145,210 125,019 408,537 352,118 Egg products 9,098 9,212 25,736 24,210 Other 1,583 1,028 4,619 3,050 $ 359,080 $ 345,588 $ 999,189 $ 898,276 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | 13 Weeks Ended 39 Weeks Ended Operating Lease cost $ 233 $ 703 Finance Lease cost Amortization of right-of-use asset $ 44 $ 125 Interest on lease obligations $ 9 $ 27 Short term lease cost $ 857 $ 2,714 |
Schedule of Future Minimum Lease Payments | As of February 27, 2021 Operating Leases Finance Leases Remainder fiscal 2021 $ 224 $ 68 2022 802 239 2023 539 239 2024 380 218 2025 130 — 2026 26 — Thereafter 5 — Total 2,106 764 Less imputed interest (185) (60) Total $ 1,921 $ 704 |
Schedule of Weighted-Average Information | As of February 27, 2021 Operating Leases Finance Leases Weighted-average 3.0 2.8 Weighted-average 5.9 % 4.9 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Stock Based Compensation [Abstract] | |
Summary of Restricted Share Activity | Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 30, 2020 273,046 $ 41.36 Granted 110,560 37.71 Vested (79,328) 43.96 Forfeited (4,431) 40.12 Outstanding, February 27, 2021 299,847 $ 39.35 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Feb. 27, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Effective Income Tax Rate Reconciliation | Thirteen Weeks Thirty-nine Weeks February 27, 2021 February 27, 2021 Statutory federal income tax $ 2,907 $ 543 Enacted net operating loss carryback provision (6,422) (6,422) Domestic manufacturers deduction 1,408 1,408 Other, net 391 391 $ (1,716) $ (4,080) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Jun. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for doubtful accounts | $ 728 | $ 744 | ||||
Stockholders' equity | 1,016,449 | $ 1,004,710 | 1,009,675 | $ 948,032 | $ 934,293 | $ 989,806 |
Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | $ 980,212 | $ 968,325 | 975,147 | $ 914,234 | $ 900,485 | $ 954,527 |
Adjustment [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | 422 | |||||
Adjustment [Member] | Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity | $ 422 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | May 30, 2020 | |
Noncurrent Assets [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of available-for-sale securities | $ 0 | $ 1,200,000 | |
Gross realized gains on sales of available-for-sale securities | 611,000 | ||
Gross realized losses on sales of available-for-sale securities | 0 | 0 | |
Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of available-for-sale securities | 85,200,000 | 181,500,000 | |
Gross realized gains on sales of available-for-sale securities | 116,000 | 246,000 | |
Gross realized losses on sales of available-for-sale securities | 17,000 | $ 7,000 | |
Accounts receivable, allowance for credit loss | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | May 30, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | $ 131,488 | $ 156,912 |
Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 126,665 | 152,773 |
Unrealized Gains | 1,114 | 1,390 |
Unrealized Losses | 8 | 0 |
Estimated Fair Value | 127,771 | 154,163 |
Noncurrent Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,293 | 2,005 |
Unrealized Gains | 1,424 | 744 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,717 | 2,749 |
Municipal Bonds [Member] | Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,157 | 16,093 |
Unrealized Gains | 52 | 86 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 16,209 | 16,179 |
Municipal Bonds [Member] | Noncurrent Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,293 | 2,005 |
Unrealized Gains | 1,424 | 744 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,717 | 2,749 |
Commercial Paper [Member] | Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,345 | 6,965 |
Unrealized Gains | 0 | 17 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,345 | 6,982 |
Corporate Bonds [Member] | Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 92,256 | 125,594 |
Unrealized Gains | 1,062 | 1,274 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 93,318 | 126,868 |
Certificates Of Deposits [Member] | Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,084 | 1,492 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 7 | 0 |
Estimated Fair Value | 2,077 | 1,492 |
Asset-backed Securities [Member] | Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,823 | 2,629 |
Unrealized Gains | 0 | 13 |
Unrealized Losses | 1 | 0 |
Estimated Fair Value | $ 9,822 | $ 2,642 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) $ in Thousands | Feb. 27, 2021USD ($) |
Investments Securities [Abstract] | |
Within one year | $ 44,862 |
1-5 years | 82,909 |
Total | $ 127,771 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | May 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $ 131,488 | $ 156,912 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,717 | 2,749 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 127,771 | 154,163 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 16,209 | 16,179 |
Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 16,209 | 16,179 |
Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 6,345 | 6,982 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 6,345 | 6,982 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 93,318 | 126,868 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 93,318 | 126,868 |
Corporate Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Certificates Of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,077 | 1,492 |
Certificates Of Deposits [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Certificates Of Deposits [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,077 | 1,492 |
Certificates Of Deposits [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 9,822 | 2,642 |
Asset-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Asset-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 9,822 | 2,642 |
Asset-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,717 | 2,749 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,717 | 2,749 |
Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $ 0 | $ 0 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) Pellets in Millions, Layers in Millions | Feb. 27, 2021LayersPellets |
Inventories [Abstract] | |
Pullets and breeders | Pellets | 9.6 |
Layer | Layers | 41.3 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | May 30, 2020 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 115,904 | $ 110,198 |
Eggs and egg products | 18,069 | 18,487 |
Feed and supplies | 73,766 | 58,531 |
Total inventories | $ 207,739 | $ 187,216 |
Accrued Dividends Payable and_3
Accrued Dividends Payable and Dividends per Common Share (Narrative) (Details) | 3 Months Ended | |
Feb. 27, 2021$ / shares | ||
Accrued Dividends Payable and Dividends per Common Share [Abstract] | ||
Dividends per common share | $ 0.034 | [1] |
[1] | Dividends per common share outstanding (shares). |
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 | 9 Months Ended | |||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | ||
Class of Stock [Line Items] | |||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 13,548 | $ 13,749 | $ 6,304 | $ (42,072) | |
Cumulative losses to be recovered prior to payment of divided at beginning of period | (8,614) | (75,582) | (1,370) | (19,761) | |
Net income attributable to Cal-Maine Foods, Inc. available for dividend | 4,934 | $ 0 | $ 4,934 | $ 0 | |
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | $ 1,645 | ||||
Stock outstanding (shares) | 48,856 | 48,856 | |||
Dividends per common share | [1] | $ 0.034 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock outstanding (shares) | 44,056 | 44,056 | |||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock outstanding (shares) | 4,800 | 4,800 | |||
[1] | Dividends per common share outstanding (shares). |
Equity (Schedule of Statement o
Equity (Schedule of Statement of Stockholders' Equity Activities, Including Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | |
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | $ 1,004,710 | $ 934,293 | $ 1,009,675 | $ 989,806 |
Other comprehensive income (loss), net of tax | (286) | (29) | (214) | (653) |
Purchase of company stock | (826) | (889) | (871) | (910) |
Distributions to noncontrolling interest partners | (755) | |||
Restricted stock compensation | 964 | 886 | 2,789 | 2,680 |
Contributions | 5 | |||
Dividends | (1,661) | (1,661) | ||
Net income (loss) | 13,548 | 13,771 | 6,304 | (42,136) |
Ending balance | 1,016,449 | 948,032 | 1,016,449 | 948,032 |
Adjustment [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 422 | |||
Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 1,010,097 | |||
Treasury Stock [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (26,723) | (25,888) | (26,674) | (25,866) |
Restricted stock forfeitures | 103 | (4) | 102 | |
Purchase of company stock | (826) | (889) | (871) | (910) |
Ending balance | (27,549) | (26,674) | (27,549) | (26,674) |
Treasury Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (26,674) | |||
Paid In Capital [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 62,206 | 58,652 | 60,372 | 56,857 |
Restricted stock forfeitures | (103) | 4 | (102) | |
Restricted stock compensation | 964 | 886 | 2,789 | 2,680 |
Contributions | 5 | |||
Ending balance | 63,170 | 59,435 | 63,170 | 59,435 |
Paid In Capital [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 60,372 | |||
Accumulated Other Comprehensive Loss [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 151 | (269) | 79 | 355 |
Other comprehensive income (loss), net of tax | (286) | (29) | (214) | (653) |
Ending balance | (135) | (298) | (135) | (298) |
Accumulated Other Comprehensive Loss [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 79 | |||
Retained Earnings [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 968,325 | 900,485 | 975,147 | 954,527 |
Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition | 1,779 | |||
Dividends | (1,661) | (1,661) | ||
Net income (loss) | 13,548 | 13,749 | 6,304 | (42,072) |
Ending balance | 980,212 | 914,234 | 980,212 | 914,234 |
Retained Earnings [Member] | Adjustment [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 422 | |||
Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 975,569 | |||
Noncontrolling Interests [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 562 | 3,182 | ||
Distributions to noncontrolling interest partners | (755) | |||
Reclass of equity portion of Texas Egg Products, LLC in connection with acquisition | (1,779) | |||
Net income (loss) | 22 | (64) | ||
Ending balance | 584 | 584 | ||
Common Stock [Member] | Common Stock [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 703 | 703 | 703 | 703 |
Ending balance | 703 | 703 | 703 | 703 |
Common Stock [Member] | Common Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 703 | |||
Class A Common Stock [Member] | Common Stock [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 48 | 48 | 48 | 48 |
Ending balance | $ 48 | $ 48 | 48 | $ 48 |
Class A Common Stock [Member] | Common Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | $ 48 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share (Narrative) (Details) shares in Thousands | 9 Months Ended |
Feb. 27, 2021shares | |
Net Income (Loss) per Common Share [Abstract] | |
Antidilutive restricted shares | 121 |
Net Income (Loss) per Common _4
Net Income (Loss) per Common Share (Computation of Basic and Diluted Net Income Per Share Attributable to the Company) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income (loss) | $ 13,548 | $ 13,771 | $ 6,304 | $ (42,136) |
Less: Income (loss) attributable to noncontrolling interest | 0 | 22 | 0 | (64) |
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 13,548 | $ 13,749 | $ 6,304 | $ (42,072) |
Weighted-average common shares outstanding, basic | 48,530 | 48,473 | 48,511 | 48,455 |
Effect of dilutive restricted shares | 129 | 115 | 138 | 0 |
Weighted-average common shares outstanding, diluted | 48,659 | 48,588 | 48,649 | 48,455 |
Net income (loss) per common share attributable to Cal-Maine Foods, Inc. | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.13 | $ (0.87) |
Diluted (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.13 | $ (0.87) |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 359,080 | $ 345,588 | $ 999,189 | $ 898,276 |
Conventional Shell Egg Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 203,189 | 210,329 | 560,297 | 518,898 |
Specialty Shell Egg Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 145,210 | 125,019 | 408,537 | 352,118 |
Egg Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,098 | 9,212 | 25,736 | 24,210 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,583 | $ 1,028 | $ 4,619 | $ 3,050 |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Feb. 27, 2021 | Feb. 27, 2021 | |
Leases [Abstract] | ||
Operating Lease cost | $ 233 | $ 703 |
Finance Lease cost | ||
Amortization of right-of-use asset | 44 | 125 |
Interest on lease obligations | 9 | 27 |
Short term lease cost | $ 857 | $ 2,714 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Feb. 27, 2021USD ($) |
Operating Leases | |
Remainder fiscal 2021 | $ 224 |
2022 | 802 |
2023 | 539 |
2024 | 380 |
2025 | 130 |
2026 | 26 |
Thereafter | 5 |
Total | 2,106 |
Less imputed interest | (185) |
Total | 1,921 |
Finance Leases | |
Remainder fiscal 2021 | 68 |
2022 | 239 |
2023 | 239 |
2024 | 218 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 764 |
Less imputed interest | (60) |
Total | $ 704 |
Leases (Schedule of Future Mi_2
Leases (Schedule of Future Minimum Lease Payments - Section 2) (Details) $ in Thousands | Feb. 27, 2021USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid | $ 2,106 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 185 |
Operating Lease, Liability | 1,921 |
Finance Lease, Liability, Payment, Due | 764 |
Finance Lease, Liability, Undiscounted Excess Amount | 60 |
Finance Lease, Liability | $ 704 |
Leases (Schedule of Weighted-Av
Leases (Schedule of Weighted-Average Information) (Details) | Feb. 27, 2021 |
Operating Leases | |
Weighted-average remaining lease term (years) | 3 years |
Weighted-average discount rate | 5.90% |
Finance Leases | |
Weighted-average remaining lease term (years) | 2 years 9 months 18 days |
Weighted-average discount rate | 4.90% |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Restricted Share Activity) (Details) shares in Thousands | 9 Months Ended |
Feb. 27, 2021$ / sharesshares | |
Number of Shares | |
Number of Shares, Outstanding, Beginning Balance (in shares) | shares | 273,046 |
Number of Shares, Granted (in shares) | shares | 110,560 |
Number of Shares, Vested (in shares) | shares | (79,328) |
Number of Shares, Forfeited (in shares) | shares | (4,431) |
Number of Shares, Outstanding, Ending Balance (in shares) | shares | 299,847 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 41.36 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 37.71 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 43.96 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 40.12 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 39.35 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Oct. 02, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,000,000 | ||
Number of shares available for issuance | 1,128,488 | ||
Stock based compensation expense (benefit) | $ 2.8 | $ 2.7 | |
Unrecognized compensation cost | $ 7.5 | ||
Weighted average period of unrecognized compensation expense (in years) | 2 years 3 months 18 days |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Feb. 27, 2021 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Statutory income tax rate | 21.00% | 35.00% |
Discrete income tax benefit, due to difference in statutory tax rates | $ 6.4 | |
Partially offsetting discrete income tax expense, related to net operating losses | $ 1.4 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Feb. 27, 2021 | Feb. 29, 2020 | |
Income Taxes [Abstract] | ||||
Statutory federal income tax | $ 2,907 | $ 543 | ||
Enacted net operating loss carryback provision | (6,422) | (6,422) | ||
Domestic manufacturers deduction | 1,408 | 1,408 | ||
Other, net | 391 | 391 | ||
Income tax expense | $ (1,716) | $ 4,278 | $ (4,080) | $ (15,356) |
Commitment and Contingencies (N
Commitment and Contingencies (Narrative) (Details) - USD ($) | Apr. 30, 2020 | Apr. 23, 2020 | Feb. 27, 2021 |
Loss Contingencies [Line Items] | |||
Standby letters of credit | $ 4,100,000 | ||
State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC [Member] | Pending Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency, damages sought | $ 100,000 | ||
Bell et al. v. Cal-Maine Foods et al. [Member] | Pending Litigation [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency, damages sought | $ 10,000 | ||
Bell et al. v. Cal-Maine Foods et al. [Member] | Pending Litigation [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency, damages sought | $ 250,000 |
Related Party Transaction (Narr
Related Party Transaction (Narrative) (Details) - Immediate Family Member of Management or Principal Owner [Member] | Aug. 24, 2020USD ($)shares |
Related Party Transaction [Line Items] | |
Secondary Public Offering | shares | 6,900,000 |
Amount payable to the Selling Stockholders | $ 1,102,000 |
Amount reimbursable by the Selling Stockholders | $ 551,000,000 |