Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Feb. 26, 2022 | Mar. 29, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 26, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38695 | |
Entity Registrant Name | CAL-MAINE FOODS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 64-0500378 | |
Entity Address, Address Line One | 1052 Highland Colony Pkwy | |
Entity Address Address Line 2 | Suite 200 | |
Entity Address, City or Town | Ridgeland | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39157 | |
City Area Code | 601 | |
Local Phone Number | 948-6813 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | CALM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --05-28 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000016160 | |
Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 44,140,283 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 26, 2022 | May 29, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 15,589 | $ 57,352 |
Investment securities available-for-sale | 81,125 | 112,158 |
Trade and other receivables, net | 138,654 | 84,123 |
Income taxes receivable | 41,383 | 42,516 |
Inventories | 240,087 | 218,375 |
Prepaid expenses and other current assets | 5,872 | 5,407 |
Total current assets | 522,710 | 519,931 |
Property, plant & equipment, net | 671,373 | 589,417 |
Finance lease right-of-use asset, net | 409 | 525 |
Operating lease right-of-use asset, net | 1,168 | 1,724 |
Investments in unconsolidated entities | 15,794 | 54,941 |
Goodwill | 44,006 | 35,525 |
Intangible assets, net | 18,686 | 20,341 |
Other long-term assets | 7,849 | 6,770 |
Total assets | 1,281,995 | 1,229,174 |
Current liabilities: | ||
Accounts payable and accrued expenses | 120,665 | 89,191 |
Current portion of finance lease obligation | 222 | 215 |
Current portion of operating lease obligation | 486 | 691 |
Total current liabilities | 121,373 | 90,097 |
Long-term finance lease obligation | 271 | 438 |
Long-term operating lease obligation | 682 | 1,034 |
Other noncurrent liabilities | 10,673 | 10,416 |
Deferred income taxes, net | 118,753 | 114,408 |
Total liabilities | 251,752 | 216,393 |
Stockholders' equity: | ||
Paid-in capital | 66,909 | 64,044 |
Retained earnings | 992,523 | 975,977 |
Accumulated other comprehensive loss, net of tax | (1,413) | (558) |
Common stock in treasury at cost - 26,121 shares at February 26, 2022 and 26,202 shares at May 29, 2021 | (28,439) | (27,433) |
Total Cal-Maine Foods, Inc. stockholders' equity | 1,030,331 | 1,012,781 |
Noncontrolling interest in consolidated entity | (88) | 0 |
Total stockholders' equity | 1,030,243 | 1,012,781 |
Total Liabilities and Stockholders' Equity | 1,281,995 | 1,229,174 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 703 | 703 |
Class A Convertible Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 48 | $ 48 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 26, 2022 | May 29, 2021 |
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) | 26,121,000 | 26,202,000 |
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 | 9 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | |
Condensed Consolidated Statements of Income [Abstract] | ||||
Net sales | $ 477,485 | $ 359,080 | $ 1,184,195 | $ 999,189 |
Cost of sales | 385,903 | 311,563 | 1,042,221 | 876,457 |
Gross profit | 91,582 | 47,517 | 141,974 | 122,732 |
Selling, general and administrative | 52,686 | 47,656 | 146,991 | 135,494 |
(Gain) loss on disposal of fixed assets | (674) | 354 | (2,855) | 476 |
Operating income (loss) | 39,570 | (493) | (2,162) | (13,238) |
Other income (expense): | ||||
Interest income, net | 79 | 591 | 440 | 2,181 |
Royalty income | 326 | 321 | 877 | 906 |
Patronage dividends | 10,120 | 9,004 | 10,120 | 9,004 |
Equity income of unconsolidated entities | 1,809 | 1,872 | 2,208 | 1,886 |
Other, net | 1,144 | 537 | 8,169 | 1,485 |
Total other income, net | 13,478 | 12,325 | 21,814 | 15,462 |
Income before income taxes | 53,048 | 11,832 | 19,652 | 2,224 |
Income tax expense (benefit) | 13,594 | (1,716) | (2,921) | (4,080) |
Net income | 39,454 | 13,548 | 22,573 | 6,304 |
Less: Loss attributable to noncontrolling interest | (63) | 0 | (91) | 0 |
Net income attributable to Cal-Maine Foods, Inc. | $ 39,517 | $ 13,548 | $ 22,664 | $ 6,304 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.81 | $ 0.28 | $ 0.46 | $ 0.13 |
Diluted (in dollars per share) | $ 0.81 | $ 0.28 | $ 0.46 | $ 0.13 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 48,886 | 48,530 | 48,888 | 48,511 |
Diluted (in shares) | 49,036 | 48,659 | 49,035 | 48,649 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 39,454 | $ 13,548 | $ 22,573 | $ 6,304 |
Other comprehensive income (loss), before tax: | ||||
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments | (551) | (378) | (1,130) | (283) |
Income tax benefit related to items of other comprehensive income | 134 | 92 | 275 | 69 |
Other comprehensive loss, net of tax | (417) | (286) | (855) | (214) |
Comprehensive income | 39,037 | 13,262 | 21,718 | 6,090 |
Less: Comprehensive loss attributable to the noncontrolling interest | (63) | 0 | (91) | 0 |
Comprehensive income attributable to Cal-Maine Foods, Inc. | $ 39,100 | $ 13,262 | $ 21,809 | $ 6,090 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 22,573 | $ 6,304 |
Depreciation and amortization | 50,996 | 44,391 |
Deferred income taxes | (3,861) | 9,970 |
Other adjustments, net | (48,884) | (45,936) |
Net cash provided by operations | 20,824 | 14,729 |
Cash flows from investing activities: | ||
Purchases of investment securities | (47,135) | (59,415) |
Sales and maturities of investment securities | 76,377 | 85,202 |
Investment in unconsolidated entities | (3,000) | 0 |
Distributions from unconsolidated entities | 400 | 5,813 |
Acquisition of business, net of cash acquired | (44,823) | 0 |
Purchases of property, plant and equipment | (49,170) | (73,796) |
Net proceeds from disposal of property, plant and equipment | 6,041 | 3,273 |
Net cash used in investing activities | (61,310) | (38,923) |
Cash flows from financing activities: | ||
Purchase of common stock by treasury | (1,120) | (871) |
Principal payments on finance lease | (160) | (153) |
Contributions | 3 | 5 |
Net cash used in financing activities | (1,277) | (1,019) |
Net change in cash and cash equivalents | (41,763) | (25,213) |
Cash and cash equivalents at beginning of period | 57,352 | 78,130 |
Cash and cash equivalents at end of period | 15,589 | 52,917 |
Supplemental information: | ||
Cash paid for operating leases | 625 | 703 |
Interest paid | $ 230 | $ 193 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Feb. 26, 2022 | |
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 do United Report adjustments that are, in the opinion of management, necessary to a fair and, periods are not necessarily indicative of operating results for the entire fiscal year. Fiscal Year The Company's ended on February 26, 2022 and February 27, 2021 included 13 weeks and 39 weeks, respectively . 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. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing periods in response to COVID-19. Investment Securities Our investment 320”). restrictions current, because the amounts invested are available for with unrealized changes to the losses through the cost Gains and losses are recognized in other income (expenses) as Other, net in the Company's Condensed Consolidated Statements of Income. Balance Sheets. Trade Receivables Trade 29, 725 795 customers based on an The monitoring historical loss information adjusted as needed for economic and other forward-looking factors. Business Combinations The acquisitions. These non-financial assets acquired is determined internally. Our internal valuation methodology for non-financial assets considers the remaining estimated life of the assets acquired and what management believes is the market value for those assets. Change in Accounting Principle Effective intended instruments held by financial institutions and other organizations. The guidance replaces the prior “incurred loss” approach with an “expected based guidance on the period of risk “expected guidance and recorded a $ 422 Immaterial Error Correction Effective 50 % LLC (“Red that corresponding other Statements of Income. The errors resulted in 6.7 of 9.2 no income (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, and Misstatements condensed consolidated impact ended February 26, 2022. Accordingly, we have reflected the correction of the immaterial errors as a reduction of Net Sales and Cost of Sales in the accompanying Condensed Consolidated Statements of Income for the thirty-nine weeks ended February 26, 2022. |
Acquisition
Acquisition | 9 Months Ended |
Feb. 26, 2022 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – Acquisition Effective 50 % LLC (“Red River”), the Company. 1.7 laying located on approximately 400 The assumed recognized at the acquisition date: Cash consideration paid $ 48,500 Fair value of the Company's equity interest in Red River held before the business combination 48,500 $ 97,000 Recognized amounts of identifiable assets acquired and liabilities assumed Cash $ 3,677 Accounts receivable, net 1,980 Inventory 8,789 Property, plant and equipment 85,002 Liabilities assumed (2,448) Deferred income taxes (8,481) Total identifiable net assets 88,519 Goodwill 8,481 $ 97,000 Cash and fair value due to the short maturity of these instruments. Inventory consisted primarily value as management believes that their carrying value inventory were all valued based on market prices as of May 30, 2021. Property, the assets and subtracting any depreciation resulting from physical deterioration and/or functional or economic obsolescence. The Company 4.5 50 % equity held before the business combination. The gain was recorded in other income and expense under the heading “Other, net” in the Company’s $ 8.3 7.3 investment 954,000 non-taxable recorded 8.5 assumed. The recognition expected to be deductible for income tax purposes. |
Investment Securities
Investment Securities | 9 Months Ended |
Feb. 26, 2022 | |
Investments Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The following represents the Company’s investment securities as of February 26, 2022 and May 29, 2021 (in thousands): February 26, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 514 $ — $ 3 $ 511 Commercial paper 9,980 — 23 9,957 Corporate bonds 61,634 — 344 61,290 Certificates of deposits 1,268 — 12 1,256 Asset backed securities 8,205 — 94 8,111 Total current investment securities $ 81,601 $ — $ 476 $ 81,125 Mutual funds $ 2,967 $ — $ 53 $ 2,914 Total noncurrent investment securities $ 2,967 $ — $ 53 $ 2,914 May 29, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,424 $ 56 $ — $ 16,480 Commercial paper 1,998 — — 1,998 Corporate bonds 80,092 608 — 80,700 Certificates of deposits 1,077 — 1 1,076 Asset backed securities 11,914 — 10 11,904 Total current investment securities $ 111,505 $ 664 $ 11 $ 112,158 Mutual funds $ 2,306 $ 1,810 $ — $ 4,116 Total noncurrent investment securities $ 2,306 $ 1,810 $ — $ 4,116 Available-for-sale Proceeds from 76.4 85.2 thirty-nine weeks ended February ended February 26, 2022 and February 27, 2021 were $ 181 116 the thirty-nine weeks ended February 26, 2022 and February 27, 2021 were $ 67 17 were no Actual maturities may differ without penalties. Contractual maturities of current investments at February 26, 2022 are as follows (in thousands): Estimated Fair Value Within one year $ 52,391 1-5 years 28,734 Total $ 81,125 Noncurrent Proceeds 4.9 ended February 2.2 were no securities during the thirty-nine weeks ended February 27, 2021. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Feb. 26, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 4 - 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. Lease obligations: Assets and Liabilities Measured at Fair Value In liabilities measured at fair value on a recurring basis as of February 26, 2022 and May 29, 2021 (in thousands): February 26, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 511 $ — $ 511 Commercial paper — 9,957 — 9,957 Corporate bonds — 61,290 — 61,290 Certificates of deposits — 1,256 — 1,256 Asset backed securities — 8,111 — 8,111 Mutual funds 2,914 — — 2,914 Total assets measured at fair value $ 2,914 $ 81,125 $ — $ 84,039 May 29, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,480 $ — $ 16,480 Commercial paper — 1,998 — 1,998 Corporate bonds — 80,700 — 80,700 Certificates of deposits — 1,076 — 1,076 Asset backed securities — 11,904 — 11,904 Mutual funds 4,116 — — 4,116 Total assets measured at fair value $ 4,116 $ 112,158 $ — $ 116,274 Investment securities when purchased. We Observable inputs for these securities are yields, credit risks, default rates, and volatility. |
Inventories
Inventories | 9 Months Ended |
Feb. 26, 2022 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories Inventories consisted of the following as of February 26, 2022 and May 29, 2021 (in thousands): February 26, 2022 May 29, 2021 Flocks, net of amortization $ 137,086 $ 123,860 Eggs and egg products 24,153 21,084 Feed and supplies 78,848 73,431 $ 240,087 $ 218,375 We breeders (male and female chickens used to produce fertile eggs to 26, 2022 consisted of approximately 9.4 42.7 |
Accrued Dividends Payable And D
Accrued Dividends Payable And Dividends per Common Share | 9 Months Ended |
Feb. 26, 2022 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Accrued Dividends Payable And Dividends Per Common Share | Note 6 - Accrued Dividends Payable and Dividends per Common Share 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 of approximately $ 0.125 recorded in Accounts payable and accrued expenses in the Company’s Condensed Consolidated Balance Sheets. On computation in the following table (in thousands, except per share data): Thirteen Weeks Ended Thirty-nine Weeks Ended February 26, 2022 February 27, 2021 February 26, 2022 February 27, 2021 Net income attributable to Cal-Maine Foods, Inc. $ 39,517 $ 13,548 $ 22,664 $ 6,304 Cumulative losses to be recovered prior to payment of divided at beginning of period (21,097) (8,614) (4,244) (1,370) Net income available for dividend $ 18,420 $ 4,934 $ 18,420 $ 4,934 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend 6,140 1,645 6,140 1,645 Common stock outstanding (shares) 44,140 44,056 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,940 48,856 Dividends per common share* $ 0.125 $ 0.034 $ 0.125 $ 0.034 *Dividends 1/3 outstanding (shares). |
Credit Facility
Credit Facility | 9 Months Ended |
Feb. 26, 2022 | |
Credit Facility [Abstract] | |
Credit Facility | Note 7 – Credit Facility On November five - year 2018. “Revolver”), 250 15 issuance 15 accordion Credit Facility in 200 one or more times no the Credit Facility and $ 4.1 The Eurodollar Rate reserve adjusted rate one , two , three , six or twelve highest 0.50 % Agent, and (c) the Eurodollar Rate for an interest period of one 1 % per annum, subject to certain interest rate floors. The 0.00 % 0.75 % 1.00 % 1.75 % Eurodollar quarterly pricing date. from 0.15 % 0.25 % quarterly pricing date. The Credit Agreement contains customary provisions regarding replacement of the Eurodollar Rate. The Company (the “Guarantors”), and (including farm products) and deposit accounts maintained with the Administrative Agent. The Credit incurrence of additional requires maintenance of no greater than 50 %; and (ii) a requirement to maintain Minimum Tangible 700 50 % of net Additionally, the any trust, guardianship, partnership, similar limited liability company or other entity 100 % of the voting control of such foregoing, shall maintain at least 50 % of the Company's voting default under the terms of the Credit Agreement. Further, under the one-third payment of other dividends or dividend payments Company and its subsidiaries plus availability under the Credit Facility equals at least $ 50 The Credit default, including acceleration of the amounts Facility. At February 26, 2022, we were in compliance with the covenant requirements of the Credit Facility. |
Equity
Equity | 9 Months Ended |
Feb. 26, 2022 | |
Equity [Abstract] | |
Equity | Note 8 - Equity The following reflects equity activity for the thousands): Thirteen Weeks Ended February 26, 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 November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Other comprehensive loss, net of tax — — — — (417) — — (417) Stock compensation plan transactions — — (989) 890 — — — (99) Dividends — — — — — (6,118) — (6,118) Net income (loss) — — — — — 39,517 (63) 39,454 Balance at February 26, 2022 $ 703 $ 48 $ (28,439) $ 66,909 $ (1,413) $ 992,523 $ (88) $ 1,030,243 Thirty-nine Weeks Ended February 26, 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 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ — $ 1,012,781 Other comprehensive loss, net of tax — — — — (855) — — (855) Stock compensation plan transactions — — (1,006) 2,865 — — — 1,859 Contributions — — — — — — 3 3 Dividends — — — — — (6,118) — (6,118) Net income (loss) — — — — — 22,664 (91) 22,573 Balance at February 26, 2022 $ 703 $ 48 $ (28,439) $ 66,909 $ (1,413) $ 992,523 $ (88) $ 1,030,243 Thirteen Weeks Ended February 27, 2021 Cal-Maine Foods, Inc. Stockholders Common Stock Accum. Class A Treasury Paid In Other Comp. Retained Amount Amount Amount Capital Income (Loss) 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) Stock compensation plan transactions — — (826) 964 — — 138 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 27, 2021 Cal-Maine Foods, Inc. Stockholders Common Stock Accum. Class A Treasury Paid In Other Comp. Retained Amount Amount Amount Capital Income (Loss) Earnings Total Balance at May 30, 2020 $ 703 $ 48 $ (26,674) $ 60,372 $ 79 $ 975,147 $ 1,009,675 Impact of ASC 326 — — — — — 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) Stock compensation plan transactions — — (875) 2,793 — — 1,918 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 |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Feb. 26, 2022 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 9 - 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 Thirty-nine Weeks Ended February 26, 2022 February 27, 2021 February 26, 2022 February 27, 2021 Numerator Net income $ 39,454 $ 13,548 $ 22,573 $ 6,304 Less: Loss attributable to noncontrolling interest (63) — (91) — Net income attributable to Cal-Maine Foods, Inc. $ 39,517 $ 13,548 $ 22,664 $ 6,304 Denominator Weighted-average common shares outstanding, basic 48,886 48,530 48,888 48,511 Effect of dilutive restricted shares 150 129 147 138 Weighted-average common shares outstanding, diluted 49,036 48,659 49,035 48,649 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.81 $ 0.28 $ 0.46 $ 0.13 Diluted $ 0.81 $ 0.28 $ 0.46 $ 0.13 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Feb. 26, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 10 - Revenue Recognition Satisfaction of Performance Obligation Most of the Company’s Pricing for the contract for that order. Revenues are shell eggs our costs upon satisfaction of the customer agreeing upon the order. Returns and Refunds Some of our contracts include a guaranteed customer is unable to data and corresponding reduction in trade accounts receivable. 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 Thirty-nine Weeks Ended February 26, 2022 February 27, 2021 February 26, 2022 February 27, 2021 Conventional shell egg sales $ 280,633 $ 203,189 $ 685,678 $ 560,297 Specialty shell egg sales 182,945 145,210 462,319 408,537 Egg products 12,749 9,098 33,516 25,736 Other 1,158 1,583 2,682 4,619 $ 477,485 $ 359,080 $ 1,184,195 $ 999,189 Contract Costs The Company can incur costs to obtain or fulfill a contract with a customer. one year, and is amortized for contract assets is immaterial. Contract Balances The Company There are rarely contract assets or liabilities related to performance under the contract. |
Leases
Leases | 9 Months Ended |
Feb. 26, 2022 | |
Leases [Abstract] | |
Leases | Note 11 - Leases Expenses related to in Cost of sales, Selling general and administrative expense, and Interest income, net in the Condensed Consolidated Statements of Income. The Company’s lease cost consists of the following (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended February 26, 2022 February 26, 2022 Operating lease cost $ 200 $ 625 Finance lease cost Amortization of right-of-use asset $ 44 $ 132 Interest on lease obligations $ 6 $ 20 Short term lease cost $ 1,086 $ 3,221 Future minimum lease payments under non-cancelable leases are as follows (in thousands): As of February 26, 2022 Operating Leases Finance Leases Remainder fiscal 2022 $ 180 $ 60 2023 539 240 2024 380 217 2025 130 — 2026 26 — 2027 5 — Total 1,260 517 Less imputed interest (92) (24) Total $ 1,168 $ 493 The Balance Sheet are as follows: As of February 26, 2022 Operating Leases Finance Leases Weighted-average remaining lease term (years) 2.4 1.8 Weighted-average discount rate 5.9 % 4.9 % |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Feb. 26, 2022 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 12 - Stock Based Compensation Total 3.0 2.8 and February 27, 2021, respectively. Unrecognized compensation Restated 8.1 average period of 2.3 16: Stock Compensation Plans in our 2021 Annual Report for further information on our stock compensation plans. The Company’s restricted share activity for the thirty-nine weeks ended February 26, 2022 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 29, 2021 302,147 $ 39.37 Granted 113,142 41.13 Vested (90,778) 42.53 Forfeited (3,932) 37.81 Outstanding, February 26, 2022 320,579 $ 39.12 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Feb. 26, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 13 - Commitments and Contingencies Financial Instruments The 4.1 under recorded as a liability on the consolidated balance sheets. LEGAL PROCEEDINGS State of Texas v. On April 23, of Court of violation (“DTPA”). COVID-19 permanent $ 100,000 prejudice. On September 11, First District. The 8, believes the risk of material loss related to this matter to be remote. 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 report complaint; thereafter, case without prejudice. of motion. 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 products remaining plaintiffs 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 certain features of the United producers. The Egg and seek the preparing a final pretrial order. On docket entry, informed the parties that the need to discuss issues was no longer necessary and that a scheduled August 30, 2021, status hearing was stricken. No trial schedule has yet been entered by the court. In addition, dismissing condition or results of operations. On not yet entered a judgment on the filing. The Company intends to continue to defend the remaining case with the Egg Products Plaintiffs on resolution of management Products Plaintiffs, due to a range of factors, including the following, among remand; factual issues money damages). State of Oklahoma Watershed Pollution Litigation On June 18, against Cal-Maine Foods, Inc. and Tyson Foods, Inc. and affiliates, Inc. and its chicken litter The complaint court. Foods, remediation. Since the 100 % of the Foods, LLC, LLC is not a defendant in the litigation. The trial in the case began in September 2009 and concluded in February 2010. has not yet issued its ruling. Management believes the risk of material loss related to this matter to be remote. Other Matters In addition to the above, outcome of the final outcome should not have a material effect on the Company’s consolidated results of operations or financial position. |
Related Party Transaction
Related Party Transaction | 9 Months Ended |
Feb. 26, 2022 | |
Related Party Transaction [Abstract] | |
Related Party Transaction | Note 14 - Related Party Transaction On Adams, beneficiaries 6,900,000 Common Stock held by them, pursuant to a previously disclosed Agreement Regarding Common Stock (the “Agreement”) filed as an exhibit to our 2021 Annual Report. Mrs. Adams and the Daughters’ Trust advised the Company that they were conducting the offering including the Prospectus contained therein dated October each of which Common capital in legal 1.1 million. Pursuant to the Agreement, the Selling Stockholders reimbursed the Company $ 551 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Feb. 26, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The "we," Therefore, they do United Report adjustments that are, in the opinion of management, necessary to a fair and, periods are not necessarily indicative of operating results for the entire fiscal year. |
Fiscal Year | Fiscal Year The Company's ended on February 26, 2022 and February 27, 2021 included 13 weeks and 39 weeks, respectively |
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. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing periods in response to COVID-19. |
Investment Securities | Investment Securities Our investment 320”). restrictions current, because the amounts invested are available for with unrealized changes to the losses through the cost Gains and losses are recognized in other income (expenses) as Other, net in the Company's Condensed Consolidated Statements of Income. Balance Sheets. |
Trade Receivables | Trade Receivables Trade 29, 725 795 customers based on an The monitoring historical loss information adjusted as needed for economic and other forward-looking factors. |
Business Combinations | Business Combinations The acquisitions. These non-financial assets acquired is determined internally. Our internal valuation methodology for non-financial assets considers the remaining estimated life of the assets acquired and what management believes is the market value for those assets. |
Change in Accounting Principle | Change in Accounting Principle Effective intended instruments held by financial institutions and other organizations. The guidance replaces the prior “incurred loss” approach with an “expected based guidance on the period of risk “expected guidance and recorded a $ 422 |
Immaterial Error Correction | Immaterial Error Correction Effective 50 % LLC (“Red that corresponding other Statements of Income. The errors resulted in 6.7 of 9.2 no income (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, and Misstatements condensed consolidated impact ended February 26, 2022. Accordingly, we have reflected the correction of the immaterial errors as a reduction of Net Sales and Cost of Sales in the accompanying Condensed Consolidated Statements of Income for the thirty-nine weeks ended February 26, 2022. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Acquisitions [Abstract] | |
Allocation of Purchase Price | Cash consideration paid $ 48,500 Fair value of the Company's equity interest in Red River held before the business combination 48,500 $ 97,000 Recognized amounts of identifiable assets acquired and liabilities assumed Cash $ 3,677 Accounts receivable, net 1,980 Inventory 8,789 Property, plant and equipment 85,002 Liabilities assumed (2,448) Deferred income taxes (8,481) Total identifiable net assets 88,519 Goodwill 8,481 $ 97,000 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | February 26, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 514 $ — $ 3 $ 511 Commercial paper 9,980 — 23 9,957 Corporate bonds 61,634 — 344 61,290 Certificates of deposits 1,268 — 12 1,256 Asset backed securities 8,205 — 94 8,111 Total current investment securities $ 81,601 $ — $ 476 $ 81,125 Mutual funds $ 2,967 $ — $ 53 $ 2,914 Total noncurrent investment securities $ 2,967 $ — $ 53 $ 2,914 May 29, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,424 $ 56 $ — $ 16,480 Commercial paper 1,998 — — 1,998 Corporate bonds 80,092 608 — 80,700 Certificates of deposits 1,077 — 1 1,076 Asset backed securities 11,914 — 10 11,904 Total current investment securities $ 111,505 $ 664 $ 11 $ 112,158 Mutual funds $ 2,306 $ 1,810 $ — $ 4,116 Total noncurrent investment securities $ 2,306 $ 1,810 $ — $ 4,116 |
Schedule Of Contractual Maturities Of Investment Securities | Estimated Fair Value Within one year $ 52,391 1-5 years 28,734 Total $ 81,125 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | February 26, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 511 $ — $ 511 Commercial paper — 9,957 — 9,957 Corporate bonds — 61,290 — 61,290 Certificates of deposits — 1,256 — 1,256 Asset backed securities — 8,111 — 8,111 Mutual funds 2,914 — — 2,914 Total assets measured at fair value $ 2,914 $ 81,125 $ — $ 84,039 May 29, 2021 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,480 $ — $ 16,480 Commercial paper — 1,998 — 1,998 Corporate bonds — 80,700 — 80,700 Certificates of deposits — 1,076 — 1,076 Asset backed securities — 11,904 — 11,904 Mutual funds 4,116 — — 4,116 Total assets measured at fair value $ 4,116 $ 112,158 $ — $ 116,274 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | February 26, 2022 May 29, 2021 Flocks, net of amortization $ 137,086 $ 123,860 Eggs and egg products 24,153 21,084 Feed and supplies 78,848 73,431 $ 240,087 $ 218,375 |
Accrued Dividends Payable And_2
Accrued Dividends Payable And Dividends per Common Share (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Schedule of Dividends | Thirteen Weeks Ended Thirty-nine Weeks Ended February 26, 2022 February 27, 2021 February 26, 2022 February 27, 2021 Net income attributable to Cal-Maine Foods, Inc. $ 39,517 $ 13,548 $ 22,664 $ 6,304 Cumulative losses to be recovered prior to payment of divided at beginning of period (21,097) (8,614) (4,244) (1,370) Net income available for dividend $ 18,420 $ 4,934 $ 18,420 $ 4,934 1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend 6,140 1,645 6,140 1,645 Common stock outstanding (shares) 44,140 44,056 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,940 48,856 Dividends per common share* $ 0.125 $ 0.034 $ 0.125 $ 0.034 *Dividends 1/3 outstanding (shares). |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Equity [Abstract] | |
Schedule of Statement of Stockholders' Equity Activities, Including Noncontrolling Interest | Thirteen Weeks Ended February 26, 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 November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Other comprehensive loss, net of tax — — — — (417) — — (417) Stock compensation plan transactions — — (989) 890 — — — (99) Dividends — — — — — (6,118) — (6,118) Net income (loss) — — — — — 39,517 (63) 39,454 Balance at February 26, 2022 $ 703 $ 48 $ (28,439) $ 66,909 $ (1,413) $ 992,523 $ (88) $ 1,030,243 Thirty-nine Weeks Ended February 26, 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 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ — $ 1,012,781 Other comprehensive loss, net of tax — — — — (855) — — (855) Stock compensation plan transactions — — (1,006) 2,865 — — — 1,859 Contributions — — — — — — 3 3 Dividends — — — — — (6,118) — (6,118) Net income (loss) — — — — — 22,664 (91) 22,573 Balance at February 26, 2022 $ 703 $ 48 $ (28,439) $ 66,909 $ (1,413) $ 992,523 $ (88) $ 1,030,243 Thirteen Weeks Ended February 27, 2021 Cal-Maine Foods, Inc. Stockholders Common Stock Accum. Class A Treasury Paid In Other Comp. Retained Amount Amount Amount Capital Income (Loss) 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) Stock compensation plan transactions — — (826) 964 — — 138 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 27, 2021 Cal-Maine Foods, Inc. Stockholders Common Stock Accum. Class A Treasury Paid In Other Comp. Retained Amount Amount Amount Capital Income (Loss) Earnings Total Balance at May 30, 2020 $ 703 $ 48 $ (26,674) $ 60,372 $ 79 $ 975,147 $ 1,009,675 Impact of ASC 326 — — — — — 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) Stock compensation plan transactions — — (875) 2,793 — — 1,918 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 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Net Income per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | Thirteen Weeks Ended Thirty-nine Weeks Ended February 26, 2022 February 27, 2021 February 26, 2022 February 27, 2021 Numerator Net income $ 39,454 $ 13,548 $ 22,573 $ 6,304 Less: Loss attributable to noncontrolling interest (63) — (91) — Net income attributable to Cal-Maine Foods, Inc. $ 39,517 $ 13,548 $ 22,664 $ 6,304 Denominator Weighted-average common shares outstanding, basic 48,886 48,530 48,888 48,511 Effect of dilutive restricted shares 150 129 147 138 Weighted-average common shares outstanding, diluted 49,036 48,659 49,035 48,649 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 0.81 $ 0.28 $ 0.46 $ 0.13 Diluted $ 0.81 $ 0.28 $ 0.46 $ 0.13 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Thirteen Weeks Ended Thirty-nine Weeks Ended February 26, 2022 February 27, 2021 February 26, 2022 February 27, 2021 Conventional shell egg sales $ 280,633 $ 203,189 $ 685,678 $ 560,297 Specialty shell egg sales 182,945 145,210 462,319 408,537 Egg products 12,749 9,098 33,516 25,736 Other 1,158 1,583 2,682 4,619 $ 477,485 $ 359,080 $ 1,184,195 $ 999,189 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | Thirteen Weeks Ended Thirty-nine Weeks Ended February 26, 2022 February 26, 2022 Operating lease cost $ 200 $ 625 Finance lease cost Amortization of right-of-use asset $ 44 $ 132 Interest on lease obligations $ 6 $ 20 Short term lease cost $ 1,086 $ 3,221 |
Schedule of Future Minimum Lease Payments | As of February 26, 2022 Operating Leases Finance Leases Remainder fiscal 2022 $ 180 $ 60 2023 539 240 2024 380 217 2025 130 — 2026 26 — 2027 5 — Total 1,260 517 Less imputed interest (92) (24) Total $ 1,168 $ 493 |
Schedule of Weighted-Average Information | As of February 26, 2022 Operating Leases Finance Leases Weighted-average remaining lease term (years) 2.4 1.8 Weighted-average discount rate 5.9 % 4.9 % |
Stock Based Compensation (Tabl
Stock Based Compensation (Tables) | 9 Months Ended |
Feb. 26, 2022 | |
Stock Based Compensation [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 29, 2021 302,147 $ 39.37 Granted 113,142 41.13 Vested (90,778) 42.53 Forfeited (3,932) 37.81 Outstanding, February 26, 2022 320,579 $ 39.12 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Feb. 26, 2022 | Nov. 27, 2021 | Aug. 28, 2021 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | May 30, 2021 | May 29, 2021 | May 30, 2020 | |
Significant Accounting Policies [Line Items] | |||||||||
Reserves for credit losses | $ 725,000 | $ 725,000 | $ 795,000 | ||||||
Stockholders' equity | 1,030,331,000 | 1,030,331,000 | $ 1,012,781,000 | ||||||
Net sales | 477,485,000 | $ 359,080,000 | 1,184,195,000 | $ 999,189,000 | |||||
Cost of sales | 385,903,000 | 311,563,000 | 1,042,221,000 | 876,457,000 | |||||
Operating Income Loss | 39,570,000 | (493,000) | (2,162,000) | (13,238,000) | |||||
Profit Loss | 39,454,000 | 13,548,000 | 22,573,000 | 6,304,000 | |||||
Red River Valley Egg Farm Llc [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Business acquisition, percentage of voting interest acquired | 50.00% | ||||||||
Revision of Prior Period, Error Correction, Adjustment [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Net sales | $ 9,200,000 | $ 6,700,000 | |||||||
Cost of sales | $ 9,200,000 | $ 6,700,000 | |||||||
Operating Income Loss | 0 | ||||||||
Profit Loss | 0 | ||||||||
Retained Earnings [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Profit Loss | $ 39,517,000 | $ 13,548,000 | $ 22,664,000 | $ 6,304,000 | |||||
Retained Earnings [Member] | Restatement Adjustment [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Stockholders' equity | $ 422,000,000 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - Red River Valley Egg Farm Llc [Member] Layers in Millions | May 30, 2021USD ($)aLayers | Feb. 26, 2022USD ($) | May 29, 2021 |
Business Acquisition [Line Items] | |||
Business acquisition, percentage of voting interest acquired | 50.00% | ||
Number of laying hens acquired | Layers | 1.7 | ||
Area of land | a | 400 | ||
Gain on remeasurement of interest held prior to acquisition | $ 4,500,000 | ||
Ownership percentage | 50.00% | ||
Discrete income tax benefit | 8,300,000 | ||
Reduction of deferred income tax related to outside-basis of equity investment | 7,300,000 | ||
Reduction to income tax expense on remeasurement gain | 954,000 | ||
Deferred tax liability recognized | $ 8,500,000 | $ 8,481,000 |
Acquisition (Allocation of Purc
Acquisition (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Feb. 26, 2022 | May 30, 2021 | May 29, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 44,006 | $ 35,525 | |
Red River Valley Egg Farm Llc [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration paid | 48,500 | ||
Fair value of the Company's equity interest in Red River held before the business combination | 48,500 | ||
Business combination, consideration transferred | 97,000 | ||
Cash | 3,677 | ||
Accounts receivable, net | 1,980 | ||
Inventory | 8,789 | ||
Property, plant and equipment | 85,002 | ||
Liabilities assumed | (2,448) | ||
Deferred income taxes | (8,481) | $ (8,500) | |
Total identifiable assets, net | 88,519 | ||
Goodwill | 8,481 | ||
Total identifiable assets and goodwill, net | $ 97,000 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | May 29, 2021 | |
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 76,400,000 | $ 85,200,000 | |
Proceeds from sale of available-for-sale securities, noncurrent | 4,900,000 | 0 | |
Gross realized gains on sales of available-for-sale securities, current | 181,000 | 116,000 | |
Gross realized gains on sales of available-for-sale securities, noncurrent | 2,200,000 | ||
Gross realized losses on sales of available-for-sale securities, current | 67,000 | $ 17,000 | |
Allowance for credit losses | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | May 29, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | $ 81,601 | $ 111,505 |
Unrealized Gains, Current | 0 | 664 |
Unrealized Losses, Current | 476 | 11 |
Estimated Fair Value, Current | 81,125 | 112,158 |
Amortized Cost, Noncurrent | 2,967 | 2,306 |
Unrealized Gains, Noncurrent | 0 | 1,810 |
Unrealized Losses, Noncurrent | 53 | 0 |
Estimated Fair Value, Noncurrent | 2,914 | 4,116 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 514 | 16,424 |
Unrealized Gains, Current | 0 | 56 |
Unrealized Losses, Current | 3 | 0 |
Estimated Fair Value, Current | 511 | 16,480 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 9,980 | 1,998 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 23 | 0 |
Estimated Fair Value, Current | 9,957 | 1,998 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 61,634 | 80,092 |
Unrealized Gains, Current | 0 | 608 |
Unrealized Losses, Current | 344 | 0 |
Estimated Fair Value, Current | 61,290 | 80,700 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 1,268 | 1,077 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 12 | 1 |
Estimated Fair Value, Current | 1,256 | 1,076 |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 8,205 | 11,914 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 94 | 10 |
Estimated Fair Value, Current | 8,111 | 11,904 |
Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Noncurrent | 2,967 | 2,306 |
Unrealized Gains, Noncurrent | 0 | 1,810 |
Unrealized Losses, Noncurrent | 53 | 0 |
Estimated Fair Value, Noncurrent | $ 2,914 | $ 4,116 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | May 29, 2021 |
Investments Securities [Abstract] | ||
Within one year | $ 52,391 | |
1-5 years | 28,734 | |
Total | $ 81,125 | $ 112,158 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | May 29, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 84,039 | $ 116,274 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,914 | 4,116 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 81,125 | 112,158 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 511 | 16,480 |
Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 511 | 16,480 |
Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 9,957 | 1,998 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 9,957 | 1,998 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 61,290 | 80,700 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 61,290 | 80,700 |
Corporate Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Certificates of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,256 | 1,076 |
Certificates of Deposits [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Certificates of Deposits [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,256 | 1,076 |
Certificates of Deposits [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Asset Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,111 | 11,904 |
Asset Backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Asset Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,111 | 11,904 |
Asset Backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,914 | 4,116 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,914 | 4,116 |
Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) pullet_and_breeder in Millions, Layers in Millions | Feb. 26, 2022Layerspullet_and_breeder |
Inventories [Abstract] | |
Pullets and breeders | pullet_and_breeder | 9.4 |
Layers | Layers | 42.7 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | May 29, 2021 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 137,086 | $ 123,860 |
Eggs and egg products | 24,153 | 21,084 |
Feed and supplies | 78,848 | 73,431 |
Total inventories | $ 240,087 | $ 218,375 |
Accrued Dividends Payable And_3
Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) | 3 Months Ended |
Feb. 26, 2022$ / shares | |
Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
Percentage of net income loss used to compute accrued dividends | 33.33% |
Dividends payable per share | $ 0.125 |
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. 26, 2022 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | |
Class of Stock [Line Items] | ||||
Net Income (Loss) | $ 39,517 | $ 13,548 | $ 22,664 | $ 6,304 |
Cumulative losses to be recovered prior to payment of divided at beginning of period | (21,097) | (8,614) | (4,244) | (1,370) |
Net income available for dividend | 18,420 | 4,934 | 18,420 | 4,934 |
1/3 of net income attributable to Cal-Maine Foods, Inc. available for dividend | $ 6,140 | $ 1,645 | $ 6,140 | $ 1,645 |
Common stock outstanding (shares) | 48,940 | 48,856 | 48,940 | 48,856 |
Dividends per common share (in dollars per share) | $ 0.125 | $ 0.034 | $ 0.125 | $ 0.034 |
Percentage of net income loss used to compute accrued dividends | 33.33% | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (shares) | 44,140 | 44,056 | 44,140 | 44,056 |
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (shares) | 4,800 | 4,800 | 4,800 | 4,800 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - Credit Agreement [Member] | 9 Months Ended |
Feb. 26, 2022USD ($) | |
Line Of Credit Facility [Line Items] | |
Credit facility term | 5 years |
Maximum borrowing capacity | $ 250,000,000 |
Available additional capacity | 200,000,000 |
Amount outstanding | $ 0 |
Maximum total funded debt to capitalization ratio | 50.00% |
Minimum tangible net worth, amount | $ 700,000 |
Minimum tangible net worth, percentage of net income | 50.00% |
Threshold of voting control in related entities that requires compliance with covenant | 100.00% |
Minimum amount of company voting stock | 50.00% |
Dividend policy, percentage | 33.33% |
Minimum cash, cash equivalents, and credit facility availability | $ 50,000,000 |
Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Commitment fee | 0.15% |
Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Commitment fee | 0.25% |
Eurodollar [Member] | Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.00% |
Eurodollar [Member] | Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.75% |
Eurodollar, One Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 12 months |
Eurodollar, Two Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 6 months |
Eurodollar, Three Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 3 months |
Eurodollar, Six Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 2 months |
Eurodollar, Twelve Month [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 1 month |
Base Rate [Member] | Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.00% |
Base Rate [Member] | Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.75% |
Base Rate, Federal Funds [Member] | |
Line Of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.50% |
Base Rate, Eurodollar [Member] | |
Line Of Credit Facility [Line Items] | |
Interest period | 1 month |
Basis spread on variable rate | 1.00% |
Standby Letters of Credit [Member] | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15,000,000 |
Amount outstanding | 4,100,000 |
Swingline [Member] | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15,000,000 |
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. 26, 2022 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | |
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | $ 997,423 | $ 1,004,710 | $ 1,012,781 | $ 1,009,675 |
Other comprehensive income (loss), net of tax | (417) | (286) | (855) | (214) |
Stock compensation plan transactions | (99) | 138 | 1,859 | 1,918 |
Contributions | 3 | 5 | ||
Dividends | (6,118) | (1,661) | (6,118) | (1,661) |
Net income | 39,454 | 13,548 | 22,573 | 6,304 |
Ending balance | 1,030,243 | 1,016,449 | 1,030,243 | 1,016,449 |
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 | (27,450) | (26,723) | (27,433) | (26,674) |
Stock compensation plan transactions | (989) | (826) | (1,006) | (875) |
Ending balance | (28,439) | (27,549) | (28,439) | (27,549) |
Treasury Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (26,674) | |||
Additional Paid-in Capital [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 66,019 | 62,206 | 64,044 | 60,372 |
Stock compensation plan transactions | 890 | 964 | 2,865 | 2,793 |
Contributions | 5 | |||
Ending balance | 66,909 | 63,170 | 66,909 | 63,170 |
Additional Paid-in Capital [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | 60,372 | |||
AOCI Attributable to Parent [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (996) | 151 | (558) | 79 |
Other comprehensive income (loss), net of tax | (417) | (286) | (855) | (214) |
Ending balance | (1,413) | (135) | (1,413) | (135) |
AOCI Attributable to Parent [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 | 959,124 | 968,325 | 975,977 | 975,147 |
Dividends | (6,118) | (1,661) | (6,118) | (1,661) |
Net income | 39,517 | 13,548 | 22,664 | 6,304 |
Ending balance | 992,523 | 980,212 | 992,523 | 980,212 |
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 Interest [Member] | ||||
Schedule of Stockholders Equity [Line Items] | ||||
Beginning balance | (25) | 0 | ||
Contributions | 3 | |||
Net income | (63) | (91) | ||
Ending balance | (88) | (88) | ||
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 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 | 9 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | |
Net Income per Common Share [Abstract] | ||||
Net income | $ 39,454 | $ 13,548 | $ 22,573 | $ 6,304 |
Less: Loss attributable to noncontrolling interest | (63) | 0 | (91) | 0 |
Net income attributable to Cal-Maine Foods, Inc. | $ 39,517 | $ 13,548 | $ 22,664 | $ 6,304 |
Denominator | ||||
Weighted-average common shares outstanding, basic (in shares) | 48,886 | 48,530 | 48,888 | 48,511 |
Effect of dilutive restricted shares (in shares) | 150 | 129 | 147 | 138 |
Weighted-average common shares outstanding, diluted (in shares) | 49,036 | 48,659 | 49,035 | 48,649 |
Net income per common share attributable to Cal-Maine Foods, Inc. | ||||
Basic (in dollars per share) | $ 0.81 | $ 0.28 | $ 0.46 | $ 0.13 |
Diluted (in dollars per share) | $ 0.81 | $ 0.28 | $ 0.46 | $ 0.13 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Feb. 26, 2022 | Feb. 27, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 477,485 | $ 359,080 | $ 1,184,195 | $ 999,189 |
Conventional shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 280,633 | 203,189 | 685,678 | 560,297 |
Specialty shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 182,945 | 145,210 | 462,319 | 408,537 |
Egg products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 12,749 | 9,098 | 33,516 | 25,736 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,158 | $ 1,583 | $ 2,682 | $ 4,619 |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Feb. 26, 2022 | Feb. 26, 2022 | |
Leases [Abstract] | ||
Operating Lease cost | $ 200 | $ 625 |
Finance Lease cost | ||
Amortization of right-of-use asset | 44 | 132 |
Interest on lease obligations | 6 | 20 |
Short term lease cost | $ 1,086 | $ 3,221 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Feb. 26, 2022USD ($) |
Operating Leases | |
Remainder of fiscal 2022 | $ 180 |
2023 | 539 |
2024 | 380 |
2025 | 130 |
2026 | 26 |
2027 | 5 |
Total | 1,260 |
Less imputed interest | (92) |
Total | 1,168 |
Finance Leases | |
Remainder fiscal 2022 | 60 |
2023 | 240 |
2024 | 217 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Total | 517 |
Less imputed interest | (24) |
Total | $ 493 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Information) (Details) | Feb. 26, 2022 |
Operating Leases | |
Weighted-average remaining lease term (years) | 2 years 4 months 24 days |
Weighted-average discount rate | 5.90% |
Finance Leases | |
Weighted-average remaining lease term (years) | 1 year 9 months 18 days |
Weighted-average discount rate | 4.90% |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 8.1 | |
Weighted average period of unrecognized compensation expense | 2 years 3 months 18 days | |
Stock based compensation expense (benefit) | $ 3 | $ 2.8 |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Equity Award Activity) (Details) | 9 Months Ended |
Feb. 26, 2022$ / sharesshares | |
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 | 302,147 |
Number of Shares, Granted (in shares) | shares | 113,142 |
Number of Shares, Vested (in shares) | shares | (90,778) |
Number of Shares, Forfeited (in shares) | shares | (3,932) |
Number of Shares, Outstanding, Ending Balance (in shares) | shares | 320,579 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 39.37 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 41.13 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 42.53 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 37.81 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 39.12 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Apr. 23, 2020 | Feb. 26, 2022 |
Credit Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Amount outstanding | $ 0 | |
Credit Agreement [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount outstanding | $ 4,100,000 | |
Benton County Foods [Member] | ||
Loss Contingencies [Line Items] | ||
Ownership interest | 100.00% | |
Pending Litigation | State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought | $ 100,000 | |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought | 10,000 | |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought | $ 250,000 |
Related Party Transaction (Narr
Related Party Transaction (Narrative) (Details) - Immediate Family Member Of Management Or Principal Owner [Member] $ in Thousands | Aug. 24, 2020USD ($)shares |
Related Party Transaction [Line Items] | |
Shares issued | shares | 6,900,000 |
Fees paid | $ 1,100 |
Fees reimbursed | $ 551 |