Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Nov. 26, 2022 | Dec. 28, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 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, $0.01 par value per share | |
Trading Symbol | CALM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --06-03 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000016160 | |
Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 44,130,149 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 26, 2022 | May 28, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 178,635 | $ 59,084 |
Investment securities available-for-sale | 200,714 | 115,429 |
Trade and other receivables, net | 262,964 | 177,257 |
Income tax receivable | 42,147 | 42,147 |
Inventories | 280,582 | 263,316 |
Prepaid expenses and other current assets | 8,968 | 4,286 |
Total current assets | 974,010 | 661,519 |
Property, plant & equipment, net | 703,882 | 677,796 |
Investments in unconsolidated entities | 14,687 | 15,530 |
Goodwill | 44,006 | 44,006 |
Intangible assets, net | 17,037 | 18,131 |
Other long-term assets | 9,818 | 10,507 |
Total Assets | 1,763,440 | 1,427,489 |
Current liabilities: | ||
Accounts payable and accrued expenses | 154,624 | 122,331 |
Accrued income taxes payable | 85,723 | 25,687 |
Dividends payable | 66,202 | 36,656 |
Total current liabilities | 306,549 | 184,674 |
Other noncurrent liabilities | 9,410 | 10,274 |
Deferred income taxes, net | 127,176 | 128,196 |
Total liabilities | 443,135 | 323,144 |
Commitments and contingencies - see Note 9 | ||
Stockholders' equity: | ||
Paid-in capital | 70,005 | 67,989 |
Retained earnings | 1,281,784 | 1,065,854 |
Accumulated other comprehensive loss, net of tax | (3,087) | (1,596) |
Common stock in treasury at cost - 26,126 shares at November 26, 2022 and 26,121 shares at May 28, 2022 | (28,496) | (28,447) |
Total Cal-Maine Foods, Inc. stockholders' equity | 1,320,957 | 1,104,551 |
Noncontrolling interest in consolidated entity | (652) | (206) |
Total stockholders' equity | 1,320,305 | 1,104,345 |
Total Liabilities and Stockholders' Equity | 1,763,440 | 1,427,489 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 703 | 703 |
Class A Convertible Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 48 | $ 48 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 26, 2022 | May 28, 2022 |
Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 70,261,000 | 70,261,000 |
Common stock in treasury (in shares) | 26,126,000 | 26,121,000 |
Class A Convertible Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,800,000 | 4,800,000 |
Common stock, shares issued (in shares) | 4,800,000 | 4,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2022 | Nov. 27, 2021 | Nov. 26, 2022 | Nov. 27, 2021 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 801,700 | $ 381,723 | $ 1,460,044 | $ 706,709 |
Cost of sales | 483,851 | 337,976 | 924,705 | 656,317 |
Gross profit | 317,849 | 43,747 | 535,339 | 50,392 |
Selling, general and administrative | 57,952 | 47,780 | 111,559 | 94,305 |
(Gain) loss on disposal of fixed assets | 29 | (1,968) | 62 | (2,181) |
Operating income (loss) | 259,868 | (2,065) | 423,718 | (41,732) |
Other income (expense): | ||||
Interest income, net | 1,930 | 129 | 2,833 | 361 |
Royalty income | 344 | 278 | 772 | 551 |
Equity income (loss) of unconsolidated entities | (987) | 264 | (843) | 399 |
Other, net | 1,113 | 1,862 | 1,268 | 7,025 |
Total other income, net | 2,400 | 2,533 | 4,030 | 8,336 |
Income (loss) before income taxes | 262,268 | 468 | 427,748 | (33,396) |
Income tax expense (benefit) | 63,974 | (677) | 104,320 | (16,515) |
Net income (loss) | 198,294 | 1,145 | 323,428 | (16,881) |
Less: Loss attributable to noncontrolling interest | (293) | (28) | (446) | (28) |
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 198,587 | $ 1,173 | $ 323,874 | $ (16,853) |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 4.08 | $ 0.02 | $ 6.66 | $ (0.34) |
Diluted (in dollars per share) | $ 4.07 | $ 0.02 | $ 6.63 | $ (0.34) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 48,624 | 48,857 | 48,624 | 48,859 |
Diluted (in shares) | 48,840 | 49,016 | 48,827 | 48,859 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2022 | Nov. 27, 2021 | Nov. 26, 2022 | Nov. 27, 2021 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net income (loss) | $ 198,294 | $ 1,145 | $ 323,428 | $ (16,881) |
Other comprehensive income (loss), before tax: | ||||
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments | (974) | (355) | (1,971) | (579) |
Income tax benefit related to items of other comprehensive income | 237 | 87 | 480 | 141 |
Other comprehensive loss, net of tax | (737) | (268) | (1,491) | (438) |
Comprehensive income (loss) | 197,557 | 877 | 321,937 | (17,319) |
Less: Comprehensive loss attributable to the noncontrolling interest | (293) | (28) | (446) | (28) |
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc. | $ 197,850 | $ 905 | $ 322,383 | $ (17,291) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Nov. 26, 2022 | Nov. 27, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 323,428 | $ (16,881) |
Depreciation and amortization | 34,729 | 33,969 |
Deferred income taxes | (540) | (15,995) |
Other adjustments, net | (12,830) | (16,585) |
Net cash provided by (used in) operations | 344,787 | (15,492) |
Cash flows from investing activities: | ||
Purchases of investment securities | (152,365) | (26,387) |
Sales and maturities of investment securities | 65,279 | 67,864 |
Distributions from unconsolidated entities | 0 | 400 |
Acquisition of business, net of cash acquired | 0 | (44,823) |
Purchases of property, plant and equipment | (59,709) | (28,647) |
Net proceeds from disposal of property, plant and equipment | 92 | 5,338 |
Net cash used in investing activities | (146,703) | (26,255) |
Cash flows from financing activities: | ||
Payments of dividends | (78,394) | 0 |
Purchase of common stock by treasury | (45) | (18) |
Principal payments on finance lease | (94) | (106) |
Contributions | 0 | 3 |
Net cash used in financing activities | (78,533) | (121) |
Net change in cash and cash equivalents | 119,551 | (41,868) |
Cash and cash equivalents at beginning of period | 59,084 | 57,352 |
Cash and cash equivalents at end of period | $ 178,635 | $ 15,484 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Nov. 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,” “us,” “our”) in reporting and should “2022 statement of the results for recurring nature. year. Fiscal Year The Company’s ended on November 26, 2022 and November 27, 2021 included 13 weeks 26 weeks , respectively. Use of Estimates The preparation of the assumptions could differ from those estimates. Investment Securities Our investment 320”). restrictions current, because the with income for the period is presented as a component of stockholders' equity in conditions to assess and record any expected credit value determined by the Company’s term assets” in the Company’s Condensed Trade Receivables Trade May 28, 838 775 customers based on The monitoring historical loss information adjusted as needed for economic and Dividends Payable We The Company quarter for in an amount 1/3 ) of such following the to shareholders of record on the 65th day after the Following a quarter for which the Company does not report net income not pay a dividend date of the most recent quarter for which a dividend was paid. Immaterial Error Correction Effective 50 % LLC (“Red that corresponding Statements 6.7 quarter of fiscal 2022 9.2 no (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, Misstatements condensed impact ended February 26, 2022. Net Sales and Cost of Sales in the accompanying Condensed Consolidated New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Nov. 26, 2022 | |
Investments Securities [Abstract] | |
Investment Securities | Note 2 - Investment Securities The following represents the Company’s November 26, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 15,956 $ — $ 276 $ 15,680 Commercial paper 33,058 — 53 33,005 Corporate bonds 81,218 — 1,709 79,509 US government and agency obligations 19,111 — 205 18,906 Asset backed securities 13,403 — 340 13,063 Treasury bills 40,644 — 93 40,551 Total current $ 203,390 $ — $ 2,676 $ 200,714 Mutual funds $ 3,472 $ — $ 114 $ 3,358 Total noncurrent $ 3,472 $ — $ 114 $ 3,358 May 28, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 10,136 $ — $ 32 $ 10,104 Commercial paper 14,940 — 72 14,868 Corporate bonds 74,167 — 483 73,684 Certificates of deposits 1,263 — 18 1,245 US government and agency obligations 2,205 4 — 2,209 Asset backed securities 13,456 — 137 13,319 Total current $ 116,167 $ 4 $ 742 $ 115,429 Mutual funds $ 3,826 $ — $ 74 $ 3,752 Total noncurrent $ 3,826 $ — $ 74 $ 3,752 Available-for-sale Proceeds from 65.3 67.9 twenty-six weeks ended 2 165 losses 63 67 respectively. There were no Actual maturities without penalties. Contractual maturities of current investments at November Estimated Fair Value Within one year $ 133,867 1-5 years 66,847 Total $ 200,714 Noncurrent There were no sales and maturities 453 2021. 165 no losses for the twenty-six weeks ended November 27, 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Nov. 26, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 - Fair Value The Company hierarchy. The knowledgeable, and willing be settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, ◦ Quoted prices for similar assets or liabilities in active markets ◦ Quoted prices for identical or similar assets in non-active markets ◦ Inputs other than quoted prices that are observable for the asset or liability ◦ Inputs derived principally from or corroborated by other observable market • Level 3 significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Lease obligations: Assets and Liabilities Measured at Fair In liabilities measured at fair value on a recurring basis as of November 26, 2022 and May November 26, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 15,680 $ — $ 15,680 Commercial paper — 33,005 — 33,005 Corporate bonds — 79,509 — 79,509 US government and agency obligations — 18,906 — 18,906 Asset backed securities — 13,063 — 13,063 Treasury bills — 40,551 — 40,551 Mutual funds 3,358 — — 3,358 Total assets measured at fair $ 3,358 $ 200,714 $ — $ 204,072 May 28, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 10,104 $ — $ 10,104 Commercial paper — 14,868 — 14,868 Corporate bonds — 73,684 — 73,684 Certificates of deposits — 1,245 — 1,245 US government and agency obligations — 2,209 — 2,209 Asset backed securities — 13,319 — 13,319 Mutual funds 3,752 — — 3,752 Total assets measured at fair $ 3,752 $ 115,429 $ — $ 119,181 Investment when purchased. We Observable inputs for these securities are yields, credit risks, default rates, and volatility. |
Inventories
Inventories | 6 Months Ended |
Nov. 26, 2022 | |
Inventories [Abstract] | |
Inventories | Note 4 - Inventories Inventories consisted of the following as of November 26, 2022 November 26, 2022 May 28, 2022 Flocks, net of amortization $ 156,782 $ 144,051 Eggs and egg products 28,343 26,936 Feed and supplies 95,457 92,329 $ 280,582 $ 263,316 We breeders November 26, 10.4 11.5 43.7 million and 42.2 |
Equity
Equity | 6 Months Ended |
Nov. 26, 2022 | |
Equity [Abstract] | |
Equity | Note 5 - Equity The following reflects (in thousands): Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at August 27, 2022 $ 703 $ 48 $ (28,495) $ 69,017 $ (2,350) $ 1,149,399 $ (359) $ 1,187,963 Other comprehensive loss, net of tax — — — — (737) — — (737) Stock compensation plan transactions — — (1) 988 — — — 987 Dividends ($ 1.353 per share) Common — — — — — (59,708) — (59,708) Class A common — — — — — (6,494) — (6,494) Net income (loss) — — — — — 198,587 (293) 198,294 Balance at November 26, 2022 $ 703 $ 48 $ (28,496) $ 70,005 $ (3,087) $ 1,281,784 $ (652) $ 1,320,305 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 28, 2022 $ 703 $ 48 $ (28,447) $ 67,989 $ (1,596) $ 1,065,854 $ (206) $ 1,104,345 Other comprehensive loss, net of tax — — — — (1,491) — — (1,491) Stock compensation plan transactions — — (49) 2,016 — — — 1,967 Dividends ($ 2.206 per share) Common — — — — — (97,355) — (97,355) Class A common — — — — — (10,589) — (10,589) Net income (loss) — — — — — 323,874 (446) 323,428 Balance at November 26, 2022 $ 703 $ 48 $ (28,496) $ 70,005 $ (3,087) $ 1,281,784 $ (652) $ 1,320,305 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at August 28, 2021 $ 703 $ 48 $ (27,451) $ 65,044 $ (728) $ 957,951 $ — $ 995,567 Other comprehensive loss, net of tax — — — — (268) — — (268) Stock compensation plan transactions — — 1 975 — — — 976 Contributions — — — — — — 3 3 Net income (loss) — — — — — 1,173 (28) 1,145 Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ — $ 1,012,781 Other comprehensive loss, net of tax — — — — (438) — — (438) Stock compensation plan transactions — — (17) 1,975 — — — 1,958 Contributions — — — — — — 3 3 Net loss — — — — — (16,853) (28) (16,881) Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 (25) $ 997,423 |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 6 Months Ended |
Nov. 26, 2022 | |
Net Income (Loss) per Common Share [Abstract] | |
Net Income (Loss) per Common Share | Note 6 - Net Income (Loss) per Common Share Basic net Diluted net income the 145 twenty-six weeks of fiscal 2022. These shares were not included in the diluted net The income (loss) per common share (amounts in thousands, except per share data): Thirteen Weeks Twenty-six Weeks November 26, 2022 November 27, 2021 November 26, 2022 November 27, 2021 Numerator Net income (loss) $ 198,294 $ 1,145 $ 323,428 $ (16,881) Less: Loss attributable to noncontrolling interest (293) (28) (446) (28) Net income (loss) attributable to Cal- Maine Foods, Inc. $ 198,587 $ 1,173 $ 323,874 $ (16,853) Denominator Weighted-average outstanding, basic 48,624 48,857 48,624 48,859 Effect of dilutive restricted shares 216 159 203 — Weighted-average outstanding, diluted 48,840 49,016 48,827 48,859 Net income (loss) per common share attributable to Cal-Maine Foods, Inc. Basic $ 4.08 $ 0.02 $ 6.66 $ (0.34) Diluted $ 4.07 $ 0.02 $ 6.63 $ (0.34) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Nov. 26, 2022 | |
Revenue from Contract with Customers [Abstract] | |
Revenue from Contract with Customers | Note 7 – Revenue from Contracts with Customers Satisfaction of Performance Obligation The vast majority of the Company’s for products. Pricing establishes the contract for that order. Revenues are shell production. satisfaction customer agreeing upon the order. Returns and Refunds Some of our contracts customer return with a corresponding reduction in trade accounts receivable. Sales Incentives Provided to Customers The discount offers a minimum reduction reduction historical ‘‘Net sales.’’ Disaggregation of Revenue The following table provides revenue disaggregated by product category Thirteen Weeks Twenty-six Weeks November 26, 2022 November 27, 2021 November 26, 2022 November 27, 2021 Conventional shell egg sales $ 541,917 $ 221,142 $ 967,506 $ 403,172 Specialty shell egg sales 227,778 146,917 428,598 279,375 Egg products 28,052 11,401 55,692 20,767 Other 3,953 2,263 8,248 3,395 $ 801,700 $ 381,723 $ 1,460,044 $ 706,709 Contract Costs The Company can incur costs to one year, and is amortized contract assets was immaterial. Contract Balances The Company receives payment from customers based on specified terms that are There are rarely contract assets or liabilities related to performance under |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Nov. 26, 2022 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 8 - Stock Based Compensation Total 2.0 27, 2021. Unrecognized Restated 4.9 average period of 1.8 16: Stock Compensation Plans in our 2022 Annual Report for further information The Company’s restricted share activity Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 28, 2022 317,844 $ 39.12 Vested (3,240) 38.31 Forfeited (4,200) 39.44 Outstanding, November 26, 2022 310,404 $ 39.12 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Nov. 26, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9 - Commitments and Contingencies Financial Instruments The 4.1 under companies and are not 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 proceedings. On October the review. The court Bell et al. v. Cal-Maine Foods et al. On 1:20-cv-461, producers, and farms. Plaintiffs assert that defendants for eggs Plaintiffs seek to enjoin eggs prior 10,000 250,000 each violation motion to motion to judge dismissed without prejudice for lack of subject matter jurisdiction. On prejudice. complaint. On March 15, 2022, et al., first class action and other recommendation to lack Recommendation, but the be remote. Kraft Foods Global, Inc. et al. v. As previously cases involving plaintiffs who sought substantial remaining plaintiffs The Kellogg Company. On September the MDL No. 2002, to Egg defendants illegally to raise the prices that plaintiffs certain features of producers. The and seek treble money damages. cancelled the On schedule and the Court has set the trial for October 16, 2023. In addition, dismissing condition or results of operations. On November 11, 2022, the court dismissed the Company with prejudice. The Company intends to on resolution of management Products Plaintiffs, due legal arguments different other than compensatory damages (i.e., injunction and treble money damages). State of Oklahoma Watershed Pollution On June 18, against Cal-Maine Foods, Inc. and Inc. and chicken The complaint court. Foods, remediation. Since 100 % of the Foods, LLC, LLC is not a defendant in the litigation. The trial in the case has not yet issued its ruling. Management believes the risk of material loss related Other Matters In addition to outcome of the final outcome should not have a material effect on the Company’s |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Nov. 26, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The “we,” “us,” “our”) in reporting and should “2022 statement of the results for recurring nature. year. |
Fiscal Year | Fiscal Year The Company’s ended on November 26, 2022 and November 27, 2021 included 13 weeks |
Use of Estimates | Use of Estimates The preparation of the assumptions could differ from those estimates. |
Investment Securities | Investment Securities Our investment 320”). restrictions current, because the with income for the period is presented as a component of stockholders' equity in conditions to assess and record any expected credit value determined by the Company’s term assets” in the Company’s Condensed |
Trade Receivables | Trade Receivables Trade May 28, 838 775 customers based on The monitoring historical loss information adjusted as needed for economic and |
Immaterial Error Correction | Immaterial Error Correction Effective 50 % LLC (“Red that corresponding Statements 6.7 quarter of fiscal 2022 9.2 no (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, Misstatements condensed impact ended February 26, 2022. Net Sales and Cost of Sales in the accompanying Condensed Consolidated |
New Accounting Pronouncements and Policies | New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements. |
Dividends Payable | Dividends Payable We The Company quarter for in an amount 1/3 ) of such following the to shareholders of record on the 65th day after the Following a quarter for which the Company does not report net income not pay a dividend date of the most recent quarter for which a dividend was paid. Immaterial Error Correction Effective 50 % LLC (“Red that corresponding Statements 6.7 quarter of fiscal 2022 9.2 no (loss) or Net income (loss) per share. We ("SAB") No. 99 Materiality, Misstatements condensed impact ended February 26, 2022. Net Sales and Cost of Sales in the accompanying Condensed Consolidated New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | November 26, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 15,956 $ — $ 276 $ 15,680 Commercial paper 33,058 — 53 33,005 Corporate bonds 81,218 — 1,709 79,509 US government and agency obligations 19,111 — 205 18,906 Asset backed securities 13,403 — 340 13,063 Treasury bills 40,644 — 93 40,551 Total current $ 203,390 $ — $ 2,676 $ 200,714 Mutual funds $ 3,472 $ — $ 114 $ 3,358 Total noncurrent $ 3,472 $ — $ 114 $ 3,358 May 28, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 10,136 $ — $ 32 $ 10,104 Commercial paper 14,940 — 72 14,868 Corporate bonds 74,167 — 483 73,684 Certificates of deposits 1,263 — 18 1,245 US government and agency obligations 2,205 4 — 2,209 Asset backed securities 13,456 — 137 13,319 Total current $ 116,167 $ 4 $ 742 $ 115,429 Mutual funds $ 3,826 $ — $ 74 $ 3,752 Total noncurrent $ 3,826 $ — $ 74 $ 3,752 |
Schedule Of Contractual Maturities Of Investment Securities | Estimated Fair Value Within one year $ 133,867 1-5 years 66,847 Total $ 200,714 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | November 26, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 15,680 $ — $ 15,680 Commercial paper — 33,005 — 33,005 Corporate bonds — 79,509 — 79,509 US government and agency obligations — 18,906 — 18,906 Asset backed securities — 13,063 — 13,063 Treasury bills — 40,551 — 40,551 Mutual funds 3,358 — — 3,358 Total assets measured at fair $ 3,358 $ 200,714 $ — $ 204,072 May 28, 2022 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 10,104 $ — $ 10,104 Commercial paper — 14,868 — 14,868 Corporate bonds — 73,684 — 73,684 Certificates of deposits — 1,245 — 1,245 US government and agency obligations — 2,209 — 2,209 Asset backed securities — 13,319 — 13,319 Mutual funds 3,752 — — 3,752 Total assets measured at fair $ 3,752 $ 115,429 $ — $ 119,181 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | November 26, 2022 May 28, 2022 Flocks, net of amortization $ 156,782 $ 144,051 Eggs and egg products 28,343 26,936 Feed and supplies 95,457 92,329 $ 280,582 $ 263,316 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Equity [Abstract] | |
Summary of Equity Activity | Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at August 27, 2022 $ 703 $ 48 $ (28,495) $ 69,017 $ (2,350) $ 1,149,399 $ (359) $ 1,187,963 Other comprehensive loss, net of tax — — — — (737) — — (737) Stock compensation plan transactions — — (1) 988 — — — 987 Dividends ($ 1.353 per share) Common — — — — — (59,708) — (59,708) Class A common — — — — — (6,494) — (6,494) Net income (loss) — — — — — 198,587 (293) 198,294 Balance at November 26, 2022 $ 703 $ 48 $ (28,496) $ 70,005 $ (3,087) $ 1,281,784 $ (652) $ 1,320,305 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 28, 2022 $ 703 $ 48 $ (28,447) $ 67,989 $ (1,596) $ 1,065,854 $ (206) $ 1,104,345 Other comprehensive loss, net of tax — — — — (1,491) — — (1,491) Stock compensation plan transactions — — (49) 2,016 — — — 1,967 Dividends ($ 2.206 per share) Common — — — — — (97,355) — (97,355) Class A common — — — — — (10,589) — (10,589) Net income (loss) — — — — — 323,874 (446) 323,428 Balance at November 26, 2022 $ 703 $ 48 $ (28,496) $ 70,005 $ (3,087) $ 1,281,784 $ (652) $ 1,320,305 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at August 28, 2021 $ 703 $ 48 $ (27,451) $ 65,044 $ (728) $ 957,951 $ — $ 995,567 Other comprehensive loss, net of tax — — — — (268) — — (268) Stock compensation plan transactions — — 1 975 — — — 976 Contributions — — — — — — 3 3 Net income (loss) — — — — — 1,173 (28) 1,145 Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 $ (25) $ 997,423 Twenty-six Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 29, 2021 $ 703 $ 48 $ (27,433) $ 64,044 $ (558) $ 975,977 $ — $ 1,012,781 Other comprehensive loss, net of tax — — — — (438) — — (438) Stock compensation plan transactions — — (17) 1,975 — — — 1,958 Contributions — — — — — — 3 3 Net loss — — — — — (16,853) (28) (16,881) Balance at November 27, 2021 $ 703 $ 48 $ (27,450) $ 66,019 $ (996) $ 959,124 (25) $ 997,423 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Net Income (Loss) per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | Thirteen Weeks Twenty-six Weeks November 26, 2022 November 27, 2021 November 26, 2022 November 27, 2021 Numerator Net income (loss) $ 198,294 $ 1,145 $ 323,428 $ (16,881) Less: Loss attributable to noncontrolling interest (293) (28) (446) (28) Net income (loss) attributable to Cal- Maine Foods, Inc. $ 198,587 $ 1,173 $ 323,874 $ (16,853) Denominator Weighted-average outstanding, basic 48,624 48,857 48,624 48,859 Effect of dilutive restricted shares 216 159 203 — Weighted-average outstanding, diluted 48,840 49,016 48,827 48,859 Net income (loss) per common share attributable to Cal-Maine Foods, Inc. Basic $ 4.08 $ 0.02 $ 6.66 $ (0.34) Diluted $ 4.07 $ 0.02 $ 6.63 $ (0.34) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Revenue from Contract with Customers [Abstract] | |
Disaggregation of Revenue | Thirteen Weeks Twenty-six Weeks November 26, 2022 November 27, 2021 November 26, 2022 November 27, 2021 Conventional shell egg sales $ 541,917 $ 221,142 $ 967,506 $ 403,172 Specialty shell egg sales 227,778 146,917 428,598 279,375 Egg products 28,052 11,401 55,692 20,767 Other 3,953 2,263 8,248 3,395 $ 801,700 $ 381,723 $ 1,460,044 $ 706,709 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Nov. 26, 2022 | |
Stock Based Compensation [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 28, 2022 317,844 $ 39.12 Vested (3,240) 38.31 Forfeited (4,200) 39.44 Outstanding, November 26, 2022 310,404 $ 39.12 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Nov. 26, 2022 | Nov. 27, 2021 | Nov. 26, 2022 | Nov. 27, 2021 | May 28, 2022 | May 30, 2021 | |
Significant Accounting Policies [Line Items] | ||||||
Fiscal period duration | 91 days | 91 days | 182 days | 182 days | ||
Reserves for credit losses | $ 838,000 | $ 838,000 | $ 775,000 | |||
Percentage of net income loss used to compute accrued dividends | 33.33% | |||||
Cost of sales | 483,851,000 | $ 337,976,000 | $ 924,705,000 | $ 656,317,000 | ||
Operating Income Loss | 259,868,000 | (2,065,000) | 423,718,000 | (41,732,000) | ||
Net income (loss) | 198,294,000 | 1,145,000 | 323,428,000 | (16,881,000) | ||
Red River Valley Egg Farm Llc [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Business acquisition, percentage of voting interest acquired | 50% | |||||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cost of sales | 9,200,000 | 6,700,000 | ||||
Operating Income Loss | 0 | 0 | ||||
Net income (loss) | 0 | 0 | ||||
Retained Earnings [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Net income (loss) | $ 198,587,000 | $ 1,173,000 | $ 323,874,000 | $ (16,853,000) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Nov. 26, 2022 | Nov. 27, 2021 | May 28, 2022 | |
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 65,300,000 | $ 67,900,000 | |
Proceeds from sale of available-for-sale securities, noncurrent | 0 | 453,000 | |
Gross realized gains on sales of available-for-sale securities, current | 2,000 | 165,000 | |
Gross realized gains on sales of available-for-sale securities, noncurrent | 165,000 | ||
Gross realized losses on sales of available-for-sale securities, current | 63,000 | 67,000 | |
Gross realized losses on sales of available-for-sale securities, noncurrent | $ 0 | ||
Allowance for credit losses | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Nov. 26, 2022 | May 28, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | $ 203,390 | $ 116,167 |
Unrealized Gains, Current | 0 | 4 |
Unrealized Losses, Current | 2,676 | 742 |
Estimated Fair Value, Current | 200,714 | 115,429 |
Amortized Cost, Noncurrent | 3,472 | 3,826 |
Unrealized Gains, Noncurrent | 0 | 0 |
Unrealized Losses, Noncurrent | 114 | 74 |
Estimated Fair Value, Noncurrent | 3,358 | 3,752 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 15,956 | 10,136 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 276 | 32 |
Estimated Fair Value, Current | 15,680 | 10,104 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 33,058 | 14,940 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 53 | 72 |
Estimated Fair Value, Current | 33,005 | 14,868 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 81,218 | 74,167 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 1,709 | 483 |
Estimated Fair Value, Current | 79,509 | 73,684 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 1,263 | |
Unrealized Gains, Current | 0 | |
Unrealized Losses, Current | 18 | |
Estimated Fair Value, Current | 1,245 | |
US Government and Agency Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 19,111 | 2,205 |
Unrealized Gains, Current | 0 | 4 |
Unrealized Losses, Current | 205 | 0 |
Estimated Fair Value, Current | 18,906 | 2,209 |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 13,403 | 13,456 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 340 | 137 |
Estimated Fair Value, Current | 13,063 | 13,319 |
Treasury Bills [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 40,644 | |
Unrealized Gains, Current | 0 | |
Unrealized Losses, Current | 93 | |
Estimated Fair Value, Current | 40,551 | |
Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Noncurrent | 3,472 | 3,826 |
Unrealized Gains, Noncurrent | 0 | 0 |
Unrealized Losses, Noncurrent | 114 | 74 |
Estimated Fair Value, Noncurrent | $ 3,358 | $ 3,752 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Nov. 26, 2022 | May 28, 2022 |
Investments Securities [Abstract] | ||
Within one year | $ 133,867 | |
1-5 years | 66,847 | |
Total | $ 200,714 | $ 115,429 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands | Nov. 26, 2022 | May 28, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 204,072 | $ 119,181 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,358 | 3,752 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 200,714 | 115,429 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 15,680 | 10,104 |
Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 15,680 | 10,104 |
Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 33,005 | 14,868 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 33,005 | 14,868 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 79,509 | 73,684 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 79,509 | 73,684 |
Corporate Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Certificates of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,245 | |
Certificates of Deposits [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
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 | 1,245 | |
Certificates of Deposits [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
US Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 18,906 | 2,209 |
US Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
US Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 18,906 | 2,209 |
US Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Asset Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 13,063 | 13,319 |
Asset Backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Asset Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 13,063 | 13,319 |
Asset Backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Treasury Bills [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 40,551 | |
Treasury Bills [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Treasury Bills [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 40,551 | |
Treasury Bills [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,358 | 3,752 |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,358 | 3,752 |
Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) pullet_and_breeder in Millions, Layers in Millions | Nov. 26, 2022 Layers pullet_and_breeder | May 28, 2022 Layers pullet_and_breeder |
Inventories [Abstract] | ||
Pullets and breeders | pullet_and_breeder | 10.4 | 11.5 |
Layers | Layers | 43.7 | 42.2 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Nov. 26, 2022 | May 28, 2022 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 156,782 | $ 144,051 |
Eggs and egg products | 28,343 | 26,936 |
Feed and supplies | 95,457 | 92,329 |
Total inventories | $ 280,582 | $ 263,316 |
Equity (Summary of Equity Activ
Equity (Summary of Equity Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2022 | Nov. 27, 2021 | Nov. 26, 2022 | Nov. 27, 2021 | |
Beginning balance | $ 1,187,963 | $ 995,567 | $ 1,104,345 | $ 1,012,781 |
Other comprehensive loss, net of tax | (737) | (268) | (1,491) | (438) |
Stock compensation plan transactions | 987 | 976 | 1,967 | 1,958 |
Contributions | 3 | 3 | ||
Net income (loss) | 198,294 | 1,145 | 323,428 | (16,881) |
Ending balance | $ 1,320,305 | 997,423 | $ 1,320,305 | 997,423 |
Dividends per common share (in dollars per share) | $ 1.353 | $ 2.206 | ||
Common Stock [Member] | ||||
Beginning balance | $ 703 | 703 | $ 703 | 703 |
Ending balance | 703 | 703 | 703 | 703 |
Treasury Stock [Member] | ||||
Beginning balance | (28,495) | (27,451) | (28,447) | (27,433) |
Stock compensation plan transactions | (1) | 1 | (49) | (17) |
Ending balance | (28,496) | (27,450) | (28,496) | (27,450) |
Paid In Capital [Member] | ||||
Beginning balance | 69,017 | 65,044 | 67,989 | 64,044 |
Stock compensation plan transactions | 988 | 975 | 2,016 | 1,975 |
Ending balance | 70,005 | 66,019 | 70,005 | 66,019 |
Accum. Other Comp. Loss [Member] | ||||
Beginning balance | (2,350) | (728) | (1,596) | (558) |
Other comprehensive loss, net of tax | (737) | (268) | (1,491) | (438) |
Ending balance | (3,087) | (996) | (3,087) | (996) |
Retained Earnings [Member] | ||||
Beginning balance | 1,149,399 | 957,951 | 1,065,854 | 975,977 |
Net income (loss) | 198,587 | 1,173 | 323,874 | (16,853) |
Ending balance | 1,281,784 | 959,124 | 1,281,784 | 959,124 |
Noncontrolling Interest [Member] | ||||
Beginning balance | (359) | 0 | (206) | 0 |
Contributions | 3 | 3 | ||
Net income (loss) | (293) | (28) | (446) | (28) |
Ending balance | (652) | (25) | (652) | (25) |
Common Stock [Member] | ||||
Dividends | (59,708) | (97,355) | ||
Common Stock [Member] | Retained Earnings [Member] | ||||
Dividends | (59,708) | (97,355) | ||
Class A Common Stock [Member] | ||||
Dividends | (6,494) | (10,589) | ||
Class A Common Stock [Member] | Common Stock [Member] | ||||
Beginning balance | 48 | 48 | 48 | 48 |
Ending balance | 48 | $ 48 | 48 | $ 48 |
Class A Common Stock [Member] | Retained Earnings [Member] | ||||
Dividends | $ (6,494) | $ (10,589) |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share (Narrative) (Details) shares in Thousands | 6 Months Ended |
Nov. 27, 2021 shares | |
Net Income (Loss) per Common Share [Abstract] | |
Antidilutive restricted shares | 145 |
Net Income (Loss) per Common _4
Net Income (Loss) per Common Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2022 | Nov. 27, 2021 | Nov. 26, 2022 | Nov. 27, 2021 | |
Net Income (Loss) per Common Share [Abstract] | ||||
Net income (loss) | $ 198,294 | $ 1,145 | $ 323,428 | $ (16,881) |
Less: Loss attributable to noncontrolling interest | (293) | (28) | (446) | (28) |
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ 198,587 | $ 1,173 | $ 323,874 | $ (16,853) |
Denominator | ||||
Weighted-average common shares outstanding, basic (in shares) | 48,624 | 48,857 | 48,624 | 48,859 |
Effect of dilutive restricted shares (in shares) | 216 | 159 | 203 | 0 |
Weighted-average common shares outstanding, diluted (in shares) | 48,840 | 49,016 | 48,827 | 48,859 |
Net income (loss) per common share attributable to Cal-Maine Foods, Inc. | ||||
Basic (in dollars per share) | $ 4.08 | $ 0.02 | $ 6.66 | $ (0.34) |
Diluted (in dollars per share) | $ 4.07 | $ 0.02 | $ 6.63 | $ (0.34) |
Revenue from Contract with Cust
Revenue from Contract with Customer (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2022 | Nov. 27, 2021 | Nov. 26, 2022 | Nov. 27, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 801,700 | $ 381,723 | $ 1,460,044 | $ 706,709 |
Conventional shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 541,917 | 221,142 | 967,506 | 403,172 |
Specialty shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 227,778 | 146,917 | 428,598 | 279,375 |
Egg products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 28,052 | 11,401 | 55,692 | 20,767 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,953 | $ 2,263 | $ 8,248 | $ 3,395 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 26, 2022 | Nov. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 4.9 | |
Weighted average period of unrecognized compensation expense | 1 year 9 months 18 days | |
Stock based compensation expense | $ 2 | $ 2 |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Equity Award Activity) (Details) | 6 Months Ended |
Nov. 26, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Number of Shares, Outstanding, Beginning Balance (in shares) | shares | 317,844 |
Number of Shares, Vested (in shares) | shares | (3,240) |
Number of Shares, Forfeited (in shares) | shares | (4,200) |
Number of Shares, Outstanding, Ending Balance (in shares) | shares | 310,404 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 39.12 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 38.31 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 39.44 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 39.12 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 6 Months Ended | ||
Apr. 23, 2020 USD ($) | Nov. 26, 2022 USD ($) $ / Claim | Feb. 26, 2022 | |
Credit Agreement [Member] | Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Amount outstanding | $ | $ 4,100,000 | ||
Benton County Foods [Member] | |||
Loss Contingencies [Line Items] | |||
Ownership interest | 100% | ||
Pending Litigation | State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ | $ 100,000 | ||
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought per claim | $ / Claim | 10,000 | ||
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought per claim | $ / Claim | 250,000 |