Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 03, 2023 | Jul. 25, 2023 | Nov. 25, 2022 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 03, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-38695 | ||
Entity Registrant Name | CAL-MAINE FOODS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 64-0500378 | ||
Entity Address, Address Line One | 1052 Highland Colony Pkwy, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,435,832,883 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED The information called for its 2023 year covered by this report. | ||
Current Fiscal Year End Date | --06-03 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000016160 | ||
Auditor Name | Frost, PLLC | ||
Auditor Firm Id | 5348 | ||
Auditor Location | Little Rock, Arkansas | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 44,184,049 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 292,824 | $ 59,084 |
Investment securities available-for-sale | 355,090 | 115,429 |
Receivables: | ||
Trade receivables, net | 110,980 | 169,109 |
Income tax receivable | 66,966 | 42,147 |
Other | 9,267 | 8,148 |
Total receivables, net | 187,213 | 219,404 |
Inventories, net | 284,418 | 263,316 |
Prepaid expenses and other current assets | 5,380 | 4,286 |
Total current assets | 1,124,925 | 661,519 |
Property, plant & equipment, net | 744,540 | 677,796 |
Investments in unconsolidated entities | 14,449 | 15,530 |
Goodwill | 44,006 | 44,006 |
Intangible assets, net | 15,897 | 18,131 |
Other long-term assets | 10,708 | 10,507 |
Total assets | 1,954,525 | 1,427,489 |
Current liabilities: | ||
Trade accounts payable | 82,590 | 82,049 |
Dividends payable | 37,130 | 36,656 |
Accrued wages and benefits | 38,733 | 26,059 |
Income tax payable | 8,288 | 25,687 |
Accrued expenses and other liabilities | 15,990 | 14,223 |
Total current liabilities | 182,731 | 184,674 |
Other noncurrent liabilities | 9,999 | 10,274 |
Deferred income taxes | 152,212 | 128,196 |
Total liabilities | 344,942 | 323,144 |
Commitments and contingencies - see Note 16 | ||
Stockholders' equity: | ||
Paid-in capital | 72,112 | 67,989 |
Retained earnings | 1,571,112 | 1,065,854 |
Accumulated other comprehensive loss, net of tax | (2,886) | (1,596) |
Common stock in treasury at cost - 26,077 and 26,121 shares in 2023 and 2022, respectively | (30,008) | (28,447) |
Total Cal-Maine Foods, Inc. stockholders' equity | 1,611,081 | 1,104,551 |
Noncontrolling interest in consolidated equity | (1,498) | (206) |
Total stockholders' equity | 1,609,583 | 1,104,345 |
Total Liabilities and Stockholders' Equity | 1,954,525 | 1,427,489 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 703 | 703 |
Class A Convertible Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 48 | $ 48 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 03, 2023 | May 28, 2022 |
Common stock in treasury (in shares) | 26,077 | 26,121 |
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 | 120,000 |
Common stock, shares issued (in shares) | 70,261 | 70,261 |
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 | 4,800 |
Common stock, shares issued (in shares) | 4,800 | 4,800 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Consolidated Statements of Income [Abstract] | |||
Net sales | $ 3,146,217 | $ 1,777,159 | $ 1,348,987 |
Cost of sales | 1,949,760 | 1,440,100 | 1,188,326 |
Gross profit | 1,196,457 | 337,059 | 160,661 |
Selling, general and administrative | 232,207 | 198,631 | 183,943 |
Gain on insurance recoveries | (3,345) | (5,492) | 0 |
(Gain) loss on disposal of fixed assets | (131) | 383 | 2,982 |
Operating income (loss) | 967,726 | 143,537 | (26,264) |
Other income (expense): | |||
Interest expense | (583) | (403) | (213) |
Interest income | 18,553 | 988 | 2,828 |
Patronage dividends | 10,239 | 10,130 | 9,004 |
Equity in income of unconsolidated entities | 746 | 1,943 | 622 |
Other, net | 1,869 | 9,820 | 4,074 |
Total other income | 30,824 | 22,478 | 16,315 |
Income (loss) before income taxes | 998,550 | 166,015 | (9,949) |
Income tax expense (benefit) | 241,818 | 33,574 | (12,009) |
Net income | 756,732 | 132,441 | 2,060 |
Less: Net loss attributable to noncontrolling interest | (1,292) | (209) | 0 |
Net income attributable to Cal-Maine Foods, Inc. | $ 758,024 | $ 132,650 | $ 2,060 |
Net income per common share: | |||
Basic (in dollars per share) | $ 15.58 | $ 2.73 | $ 0.04 |
Diluted (in dollars per share) | $ 15.52 | $ 2.72 | $ 0.04 |
Weighted average shares outstanding: | |||
Basic (in shares) | 48,648 | 48,581 | 48,522 |
Diluted (in shares) | 48,834 | 48,734 | 48,656 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 756,732 | $ 132,441 | $ 2,060 |
Other comprehensive loss, before tax: | |||
Unrealized holding loss available-for-sale securities, net of reclassification adjustments | (1,714) | (1,398) | (736) |
Increase in accumulated post-retirement benefits obligation, net of reclassification adjustments | (27) | (9) | (137) |
Other comprehensive loss, before tax | (1,741) | (1,407) | (873) |
Income tax benefit related to items of other comprehensive loss | (451) | (369) | (236) |
Other comprehensive loss, net of tax | (1,290) | (1,038) | (637) |
Comprehensive income | 755,442 | 131,403 | 1,423 |
Less: comprehensive loss attributable to the noncontrolling interest | (1,292) | (209) | 0 |
Comprehensive income attributable to Cal-Maine Foods, Inc. | $ 756,734 | $ 131,612 | $ 1,423 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] Common Stock [Member] | Class A Common Stock [Member] Retained Earnings [Member] |
Beginning balance at May. 30, 2020 | $ 1,010,097 | $ 703 | $ (26,674) | $ 60,372 | $ 975,569 | $ 79 | $ 48 | |||
Balance (in shares) at May. 30, 2020 | 70,261 | |||||||||
Balance (in shares) at May. 30, 2020 | 26,287 | 4,800 | ||||||||
Stock compensation plan transactions | 2,908 | $ (759) | 3,667 | |||||||
Stock compensation plan transactions (in shares) | (85) | |||||||||
Dividends | (1,489) | (1,489) | $ (163) | $ (163) | ||||||
Contributions | 5 | 5 | ||||||||
Net income (loss) | 2,060 | 2,060 | ||||||||
Other comprehensive loss, net of tax | (637) | (637) | ||||||||
Ending balance at May. 29, 2021 | 1,012,781 | $ 703 | $ (27,433) | 64,044 | 975,977 | (558) | $ 48 | |||
Balance (in shares) at May. 29, 2021 | 70,261 | |||||||||
Balance (in shares) at May. 29, 2021 | 26,202 | 4,800 | ||||||||
Stock compensation plan transactions | 2,931 | $ (1,014) | 3,945 | |||||||
Stock compensation plan transactions (in shares) | (81) | |||||||||
Dividends | (38,578) | (38,578) | (4,195) | (4,195) | ||||||
Contributions | 3 | $ 3 | ||||||||
Net income (loss) | 132,441 | 132,650 | (209) | |||||||
Other comprehensive loss, net of tax | (1,038) | (1,038) | ||||||||
Ending balance at May. 28, 2022 | 1,104,345 | $ 703 | $ (28,447) | 67,989 | 1,065,854 | (1,596) | (206) | $ 48 | ||
Balance (in shares) at May. 28, 2022 | 70,261 | |||||||||
Balance (in shares) at May. 28, 2022 | 26,121 | 4,800 | ||||||||
Stock compensation plan transactions | 2,562 | $ (1,561) | 4,123 | |||||||
Stock compensation plan transactions (in shares) | (44) | |||||||||
Dividends | (227,993) | (227,993) | $ (24,773) | $ (24,773) | ||||||
Net income (loss) | 756,732 | 758,024 | (1,292) | |||||||
Other comprehensive loss, net of tax | (1,290) | (1,290) | ||||||||
Ending balance at Jun. 03, 2023 | $ 1,609,583 | $ 703 | $ (30,008) | $ 72,112 | $ 1,571,112 | $ (2,886) | $ (1,498) | $ 48 | ||
Balance (in shares) at Jun. 03, 2023 | 70,261 | |||||||||
Balance (in shares) at Jun. 03, 2023 | 26,077 | 4,800 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Dividends per share | $ 5.161 | $ 0.874 | $ 0.034 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 756,732 | $ 132,441 | $ 2,060 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 72,234 | 68,395 | 59,477 |
Deferred income taxes | 24,467 | 5,676 | 22,351 |
Equity in income of affiliates | (746) | (1,943) | (622) |
Gain on insurance recoveries | (3,345) | (5,492) | 0 |
Net proceeds from insurance settlement - business interruption | 3,345 | 0 | 0 |
(Gain) loss on disposal of property, plant and equipment | (131) | 383 | 2,982 |
Stock compensation expense, net of amounts paid | 4,205 | 4,063 | 3,778 |
Unrealized (gain) loss on investments | 17 | (745) | 1,810 |
(Gain) loss on sales of investments | 60 | (2,208) | (22) |
Purchases of equity securities | (85) | (356) | (334) |
Sales of equity securities | 1,739 | 4,939 | 55 |
Amortization (accretion) of investments | (4,380) | 977 | 890 |
Impairment of investment in affiliate | 2,000 | 0 | 0 |
Gain on change in fair value of investment in affiliates | 0 | (4,545) | 0 |
Other | 35 | (109) | (231) |
Change in operating assets and liabilities, net of effects from acquisitions: | |||
Increase (decrease) in receivables and other assets | 30,816 | (93,897) | (33,487) |
Increase in inventories | (21,102) | (36,152) | (31,159) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (2,851) | 54,782 | (1,412) |
Net cash provided by operating activities | 863,010 | 126,209 | 26,136 |
Cash flows from investing activities: | |||
Purchases of investments | (530,781) | (98,243) | (88,283) |
Sales of investments | 291,832 | 92,703 | 129,108 |
Acquisition of business, net of cash acquired | 0 | (44,823) | 0 |
Investment in unconsolidated entities | (1,673) | (3,000) | 0 |
Distributions from unconsolidated entities | 1,500 | 400 | 6,663 |
Purchases of property, plant and equipment | (136,569) | (72,399) | (95,069) |
Net proceeds from insurance settlement - property, plant and equipment | 0 | 7,655 | 0 |
Net proceeds from disposal of property, plant and equipment | 580 | 686 | 3,390 |
Net cash used in investing activities | (375,111) | (117,021) | (44,191) |
Cash flows from financing activities: | |||
Principal payments on finance lease | (224) | (215) | (205) |
Purchase of common stock by treasury | (1,643) | (1,127) | (871) |
Payments of dividends | (252,292) | (6,117) | (1,652) |
Contributions | 0 | 3 | 5 |
Net cash used in financing activities | (254,159) | (7,456) | (2,723) |
Increase (decrease) in cash and cash equivalents | 233,740 | 1,732 | (20,778) |
Cash and cash equivalents at beginning of year | 59,084 | 57,352 | 78,130 |
Cash and cash equivalents at end of year | 292,824 | 59,084 | 57,352 |
Supplemental information: | |||
Cash paid for operating leases | 648 | 805 | 929 |
Income taxes paid | 258,247 | 1,747 | 995 |
Interest paid | $ 561 | $ 379 | $ 508 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 03, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Nature of Operations Cal-Maine marketing and distribution nutritionally-enhanced distributor southeastern, mid-western and mid-Atlantic regions of the United States. Principles of Consolidation The consolidated financial statements include over which we exercise control. All significant intercompany transactions and Fiscal Year The Company’s fiscal year-end June 3, 2023 , included 53 the fiscal years ended May 28, 2022 and May 29, 2021 included 52 Use of Estimates The preparation of the consolidated financial statements in conformity in the United States of America requires management to make consolidated financial statements and accompanying notes. Actual results could Cash Equivalents The equivalents. Company Company has not experienced any loss in such accounts. The Company manages this risk through maintaining cash deposits and other highly liquid investments in high quality financial institutions. We cash, concentration Checks issued, accounts payable. Investment Securities The Company because the amounts invested are available for current operations. Available quoted market prices as of the balance sheet date, with unrealized gains and losses recorded in other comprehensive income. The amortized cost of debt securities is adjusted for amortization in interest income. The Company regularly evaluates changes to the rating of conditions value was less than the amortized cost basis. Investments Consolidated Balance Sheets. Unrealized gains and losses for equity securities are recorded in other income (expenses) as Other, net in the Company’s Consolidated The cost Gains and losses are recognized in other income (expenses) as Other, Interest and dividends on securities classified as available-for-sale Trade Receivables Trade receivables are stated at their carrying values, which include a reserve for credit reserves for credit losses were $ 579 775 on an minimizes exposure to In determining our as one approximately 30.1 % and 27.9 % of the Company’s trade accounts receivable, Inventories Inventories of eggs, feed, value. The accumulated during a growing period 22 lives of the flocks, generally one two years . Flock mortality is charged to cost of sales as incurred. The information is not utilized by management in the operation of the Company. Property, Property, lives, which 15 25 3 12 maintenance are expensed as incurred. property, depreciation are removed from the accounts and any gain or loss is included in operations. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment over the asset’s and an impairment assessment may be performed on the recoverability Investments in Unconsolidated Entities The equity method its financial Company’s share of undistributed earnings when impairment, plus or minus observable price changes. The Company is a member of Eggland’s Best, Inc. cost, plus or minus any allocated equities and retains. Goodwill Goodwill evaluated for impairment annually by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. of a reporting any impairment. During the end to the annual planning and forecasting process. impairment of goodwill. The change has been applied prospectively Intangible Assets Included in other intangible assets are separable intangible assets acquired in business acquisitions, which include franchise non-compete agreements 5 15 years. The amortized and occur, asset lives may Accrued Self Insurance We use a combination of insurance welfare, estimated, in part, by considering claims experience, demographic factors, Dividend Payable We The Company quarter for which the Company reports net income attributable to Cal-Maine an amount 1/3 ) of following the last day of such quarter, except for the fourth fiscal quarter. shareholders of 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. Treasury Stock Treasury treasury issuance of based compensation plans are credited or charged to paid-in Revenue Recognition and Delivery Costs Revenue recognition is completed upon satisfaction of the performance obligation to the customer, which typically occurs within days of Note 13 policy. The Company believes to deliver Statements estimated returns sale using historical trends based on actual sales returns and sales. Advertising Costs The Company expensed advertising 3.4 12.6 11.7 2021, respectively. Income Taxes Income differences income tax purposes. The believes it positions must meet the more-likely-than-not the outcomes Company interest on the portion of the tax benefit not recognized. The Company initially and subsequently measures the largest amount tax benefit relevant expense. Based Company’s consolidated Stock Based Compensation The restricted stock and performance-based shares, in the Consolidated Statements of Note Compensation Plans Business Combinations The Company applies the acquisition and liabilities assumed, the date of acquisition. We the considers the remaining estimated life of the assets acquired and what We valuing certain intangible assets include, but rates and useful Loss Contingencies Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company but which will only be assess contingencies proceedings, the Company’s as the perceived merits of the amount of relief sought or expected to be If the assessment can be potentially material loss contingency is nature of the disclosed. Loss nature of the guarantee would be disclosed. The Company expenses the costs of litigation as they are incurred. New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements. |
Acquisition
Acquisition | 12 Months Ended |
Jun. 03, 2023 | |
Acquisition [Abstract] | |
Acquisition | Note 2 – Acquisition Effective on May 30, 2021, the Company acquired the remaining 50 % membership interest in Red River Valley (“Red River”), Company. Red River owns and 1.7 hens, 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 88,519 Goodwill 8,481 $ 97,000 Cash and accounts receivable acquired along with liabilities value due to the short maturity of these instruments. Inventory consisted value as management inventory were all valued based on market prices as of May 30, 2021. Property, the assets and subtracting any depreciation resulting from physical deterioration The Company recognized a gain of $ 4.5 50 % equity interest in Red River held before Company’s Condensed Consolidated Statements of Income. The acquisition 8.3 million, 7.3 investment in Red River, with a corresponding non-recurring, 955,000 taxable remeasurement gain associated with the acquisition. As part of the acquisition accounting, the Company also $ 8.5 recognition of deferred deductible for income tax purposes. |
Investment Securities
Investment Securities | 12 Months Ended |
Jun. 03, 2023 | |
Investments Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The following presents the Company’s June 3, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,571 $ — $ 275 $ 16,296 Commercial paper 56,486 — 77 56,409 Corporate bonds 139,979 — 1,402 138,577 Certificates of deposits 675 — — 675 US government and agency obligations 101,240 — 471 100,769 Asset backed securities 13,459 — 151 13,308 Treasury bills 29,069 — 13 29,056 Total current $ 357,479 $ — $ 2,389 $ 355,090 Mutual funds $ 2,172 $ — $ 91 $ 2,081 Total noncurrent $ 2,172 $ — $ 91 $ 2,081 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 291.8 92.7 129.1 during fiscal 2023, 2022, 51 181 thousand, 456 87 76 thousand, and $ 19 no Actual maturities may differ from contractual maturities because some or thousands): Estimated Fair Value Within one year $ 269,830 1-5 years 85,260 Total $ 355,090 Noncurrent Proceeds from sales and maturities of noncurrent investment securities were $ 1.7 4.9 54 fiscal 2023, were $ 6 2.2 611 66 There were no |
Fair Value Measures
Fair Value Measures | 12 Months Ended |
Jun. 03, 2023 | |
Fair Value Measures [Abstract] | |
Fair Value Measures | Note 4 - Fair Value The Company hierarchy. The knowledgeable, and willing be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be the liability with the creditor. ● Level 1 ● Level 2 directly or indirectly, o Quoted prices for similar assets or liabilities in active markets o Quoted prices for identical or similar assets in non-active markets o Inputs other than quoted prices that are observable for the asset or liability o Inputs derived principally ● Level 3 to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Assets and Liabilities Measured at Fair In accordance with liabilities that are required to be measured at fair value on a recurring June 3, 2023 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,296 $ — $ 16,296 Commercial paper — 56,409 — 56,409 Corporate bonds — 138,577 — 138,577 Certificates of deposits — 675 — 675 US government and agency obligations — 100,769 — 100,769 Asset backed securities — 13,308 — 13,308 Treasury bills — 29,056 — 29,056 Mutual funds 2,081 — — 2,081 Total assets measured at fair $ 2,081 $ 355,090 $ — $ 357,171 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 securities – available-for-sale purchased. We inputs for these securities are yields, credit risks, default rates, and volatility. |
Inventories
Inventories | 12 Months Ended |
Jun. 03, 2023 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories Inventories consisted of the following (in thousands): June 3, 2023 May 28, 2022 Flocks, net of amortization $ 164,540 $ 144,051 Eggs and egg products 28,318 26,936 Feed and supplies 91,560 92,329 $ 284,418 $ 263,316 We grow and maintain (male and female May 28, 2022, 10.8 11.5 41.2 42.2 layers, respectively. The Company expensed amortization and mortality associated with the June 3, 2023 May 28, 2022 May 29, 2021 Amortization $ 186,973 $ 160,107 $ 133,448 Mortality 10,455 8,011 6,769 Total flock costs charged $ 197,428 $ 168,118 $ 140,217 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 03, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6 - Property, Property, plant and equipment June 3, 2023 May 28, 2022 Land and improvements $ 117,279 $ 109,833 Buildings and improvements 552,669 517,859 Machinery and equipment 715,205 655,925 Construction-in-progress 98,605 71,967 1,483,758 1,355,584 Less: accumulated depreciation 739,218 677,788 $ 744,540 $ 677,796 Depreciation expense was 69.4 65.8 56.5 and May 29, 2021, respectively. The Company fires. Insurance recoveries assets, received or committed when all contingencies associated with the recoveries are resolved. Losses related to property damage are recorded within “(Gains) loss interruption are recorded finalized Company’s consolidated |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Jun. 03, 2023 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Note 7 - Investment in Unconsolidated Entities As of 50 % in Specialty Eggs, Eggs owns the Egg-Land's Best franchise for most of Georgia and South Carolina, as well as and eastern Alabama. Southwest Specialty County, Nevada (including As of May 50 % in Red Note 2 – Acquisition ). The Company accounted for Red River using the equity method of Equity method investments are included Sheets and totaled $ 9.7 10.5 Equity 746 1.9 622 included in the Consolidated Statements of Income for fiscal 2023 The condensed consolidated For the fiscal year ended June 3, 2023 May 28, 2022 May 29, 2021 Net sales $ 222,602 $ 145,281 $ 119,853 Net income 1,492 3,942 1,596 Total assets 27,784 42,971 106,592 Total liabilities 9,854 21,892 5,850 Total equity 17,930 21,079 100,742 The following relates to the Company’s For the fiscal year ended June 3, 2023 May 28, 2022 May 29, 2021 Sales to unconsolidated entities $ 136,351 $ 94,311 $ 56,765 Purchases from unconsolidated entities 75,024 60,016 76,059 Distributions from unconsolidated entities 1,500 400 6,663 June 3, 2023 May 28, 2022 Accounts receivable from unconsolidated entities $ 4,719 $ 10,815 Accounts payable to unconsolidated entities 3,187 4,678 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 03, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 8 - Goodwill and Other Intangible Assets Goodwill and other intangibles consisted of the following (in thousands): Other Intangibles Franchise Customer Non-compete Right of Water Total Goodwill rights relationships agreements Use rights Trademark intangibles Balance May 29, 2021 $ 35,525 $ 16,699 $ 1,688 $ 1,019 $ 29 $ 720 $ 186 $ 55,866 Additions 8,481 — — — 10 — — 8,491 Amortization — (1,628) (362) (159) (21) — (50) (2,220) Balance May 28, 2022 44,006 15,071 1,326 860 18 720 136 62,137 Amortization — (1,657) (356) (152) (18) — (51) (2,234) Balance June 3, 2023 $ 44,006 $ 13,414 $ 970 $ 708 $ — $ 720 $ 85 $ 59,903 For the Other Intangibles listed above, the gross carrying amounts and June 3, 2023 May 28, 2022 Gross carrying Accumulated Gross carrying Accumulated amount amortization amount amortization Other intangible assets: Franchise rights $ 29,284 $ (15,870) $ 29,284 $ (14,213) Customer relationships 9,644 (8,674) 9,644 (8,318) Non-compete agreements 1,450 (742) 1,450 (590) Right of use intangible 239 (239) 239 (221) Water rights * 720 — 720 — Trademark 400 (315) 400 (264) Total $ 41,737 $ (25,840) $ 41,737 $ (23,606) * No significant residual value is estimated for these and 2021 totaled $ 2.2 2.2 2.5 The following table presents the total estimated amortization of intangible For fiscal year Estimated amortization expense 2024 $ 2,170 2025 2,035 2026 1,831 2027 1,828 2028 1,758 Thereafter 5,555 Total $ 15,177 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 03, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 9 - Employee Benefit Plans The Company maintains a medical plan that is qualified under Section tax under present income tax laws. The plan is funded by contributions from the Company and its employees. Under its plan, the Company insurance 275,000 incurred but not 21.9 24.6 21.7 and 2021, respectively. 2.9 2.8 3, Consolidated Balance Sheets. The Company Plan at a rate of 3 % of participants eligible compensation, plus an additional amount determined at the discretion of the Board of Directors. Contributions contributions to the Plan were $ 4.3 3.9 3.8 Company did no t make direct contributions of the Company’s the Company’s Common Stock are paid to the Plan in cash. The Plan acquires the Company’s Common Stock, which is listed on the NASDAQ, by sells Common Stock on the NASDAQ to pay benefits to Plan participants. Participants may make contributions to the Plan up to the maximum allowed by the Internal Revenue Service regulations. Deferred Compensation Plans The beginning when the officers 65 upon agreements 170 $ 1.0 1.1 liabilities” in the Company’s Consolidated The December 1, 2021 (the “Amended DC Plan”) to expand eligibility for participation from named officers only to a select group of management or highly participants Amended DC Plan. st or, if earlier, the participant’s attainment of age 60 5 388 thousand, $ 340 279 DC Plan were $ 410 480 55 for the Amended DC Plan was $ 4.6 4.5 4.1 and is classified within “Other noncurrent liabilities” in the Company’s Deferred compensation expense for 346 258 1.6 2021, Other Postretirement Employee Benefits The Company employees which time coverage prior to May 1, 2012 and their spouses must participate in Medicare and their spouses must participate in Medicare Plans A, B, and D. The plan is accounted for recognizes the funded status of a defined benefit postretirement plan as status in the year the change occurs through comprehensive income. Additionally, over the employees’ approximate period of employment. The liability associated with the plan was $ 2.7 3.4 at Company’s financial statements. Effective dollar life insurance plan (“Split Dollar Plan”) designed a participants in the SERP are eligible to receive an aggregate retirement benefit of $ 500,000 , which is paid in annual installments of $ 50,000 10 years . A participant five years 20 % per year. If a participant becomes disabled, attains the retirement age of 65, or the Company experiences a change in control, vesting will be 100 %. If their beneficiaries The liability recorded 63 the Company’s Consolidated Balance |
Credit Facility
Credit Facility | 12 Months Ended |
Jun. 03, 2023 | |
Credit Facility [Abstract] | |
Credit Facility | Note 10 - Credit Facility For 583 403 213 primarily related to commitment fees on the Credit Facility described below. On May dated November 15, 2021 (as amended, the “Credit Agreement”). interest rate benchmark a successor five -year term. Credit aggregate principal 250 15 credit and a $ 15 consent of BMO 200 million by adding one or more under the Revolver. No fiscal 2022. 4.3 2023. The Adjusted Term SOFR Rate plus the means with respect to any tenor, (ii) 0.10 % (10 basis then Adjusted 0.00 %. The “Base Rate” means a fluctuating rate per annum 0.50 % per annum, (b) the prime rate of one -month tenor plus 1.00 %. The 0.00 % to 0.75 % per 1.00 % to 1.75 % per SOFR Loans, in date. The 0.15 % to 0.25 % in each case depending upon the Total Funded Debt to Capitalization Ratio for the Company at the quarterly pricing date. The Company (the and the Guarantors’ accounts, payment intangibles, instruments (including promissory notes), chattel paper, inventory (including farm products) and deposit accounts maintained with the Administrative Agent. The incurrence of requires maintenance of two financial covenants: (i) a maximum Total Funded Debt to Capitalization Ratio tested greater than 50 %; and (ii) a requirement to maintain Minimum 700 50 % of net income Additionally, any trust, partnership, similar limited liability 100 % of the voting control foregoing, shall maintain 50 % of the Company's default under the terms of the payment of other dividend Company and its subsidiaries plus availability under the Credit Facility equals at least $ 50 The Credit default, including acceleration Facility. At June 3, 2023, we were in compliance with the covenant requirements of the |
Equity
Equity | 12 Months Ended |
Jun. 03, 2023 | |
Equity [Abstract] | |
Equity | Note 11 - Equity The Company has two or the Company's Second Restated Certificate of Incorporation stock vote as one ten voting in dividend rights. In the dividend (payable only in shares of Common Stock) as the holders of Class A Common Stock receive (payable only Class A Common to share ratably The holders capital stock proportion. No dividend may be declared and paid on Class A Common of Class A Common Stock and a dividend is declared and paid to Common Stock Each share one The Company’s and entities that are permitted to ten converting into shares of Common arrangements and entities such as revocable trusts and limited liability companies that could hold Class A Common Stock benefit of Immediate Family Members. Each Permitted Charter, with a person other the automatically 4,300,000 beneficially owned by Immediate Family 4,600,000 Common Stock Transferees. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Jun. 03, 2023 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 12 - Net Income per Common Share Basic net income Common Stock common shares outstanding during the relevant period adjusted for the dilutive The following table provides a reconciliation of the per common share attributable to Cal-Maine Foods, Inc. (amounts in June 3, 2023 May 28, 2022 May 29, 2021 Numerator Net income $ 756,732 $ 132,441 $ 2,060 Less: Net loss attributable to noncontrolling interest (1,292) (209) — Net income attributable to Cal-Maine Foods, Inc. $ 758,024 $ 132,650 $ 2,060 Denominator Weighted-average 48,648 48,581 48,522 Effect of dilutive securities of restricted shares 186 153 134 Weighted-average 48,834 48,734 48,656 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 15.58 $ 2.73 $ 0.04 Diluted $ 15.52 $ 2.72 $ 0.04 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jun. 03, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 13 - Revenue Recognition Satisfaction of Performance Obligation The vast majority of the Company’s for products. Pricing establishes the contract for that order. Revenues are shell eggs The performance obligation the order. Costs Consolidated Statements 77.5 62.7 52.7 2021, Returns and Refunds Some of our contracts include a guaranteed sale clause, pursuant to which we customer is unable to sell before expiration. The Company records an allowance return data and comparing to current period sales and accounts receivable the same period the revenue is recognized. Sales Incentives Provided to Customers The Company periodically provides offers (e.g., percentage discounts off current purchases), inducement current purchase), and other similar offers. Current discount offers, when accepted by customers, are treated as a reduction to the sales price price based on estimated future redemption rates. similar inducement offers. Current discount and inducement offers Disaggregation of Revenue The following table provides revenue disaggregated by product category 14 Weeks Ended 13 Weeks Ended 53 Weeks Ended 52 Weeks Ended June 3, 2023 May 28, 2022 June 3, 2023 May 28, 2022 Conventional shell egg sales $ 395,433 $ 378,190 $ 2,051,961 $ 1,061,995 Specialty shell egg sales 256,190 186,518 956,993 648,838 Egg products 33,996 26,488 122,270 60,004 Other 3,061 1,768 14,993 6,322 $ 688,680 $ 592,964 $ 3,146,217 $ 1,777,159 Contract Costs The Company can incur costs to one year, they are expensed as incurred. When the amortization period is greater than one year, a contract asset is recognized and is amortized over the contract life is immaterial. Contract Balances The Company There Concentration of Credit Risks Our largest customer, Walmart 34.2 %, 29.5 % and 29.8 % of net sales dollars for fiscal 2023, 2022, and 2021, respectively. 10.1 % of net sales dollars for fiscal |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Jun. 03, 2023 | |
Stock Compensation Plans [Abstract] | |
Stock Compensation Plans | Note 14 - Stock Compensation Plans On Incentive selected individuals who are expected to contribute to our long-term success. The maximum number of available 2,000,000 941,593 authorized employee member of the Company’s or one of our subsidiaries (except for incentive stock options, which may be granted The only outstanding awards under date, or upon death or no other service disposal, constitutes issued and outstanding shares of the Company’s Common Stock for all of restriction price and is amortized on a straight-line basis over the vesting period. Forfeitures are Total 4.2 4.1 3.8 respectively. Our unrecognized 7.2 7.0 May 28, 2.1 years. A summary of our equity award activity and related information for our Number of Shares Weighted Average Date Fair Value Outstanding, May 29, 2021 302,147 $ 39.37 Granted 113,142 41.13 Vested (92,918) 42.45 Forfeited (4,527) 38.01 Outstanding, May 28, 2022 317,844 $ 39.12 Granted 84,969 54.10 Vested (98,684) 38.25 Forfeited (9,989) 39.69 Outstanding, June 3, 2023 294,140 $ 43.72 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 03, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 15 - Income Taxes Income tax expense (benefit) consisted of the following: Fiscal year ended June 3, 2023 May 28, 2022 May 29, 2021 Current: Federal $ 180,521 $ 24,228 $ (35,090) State 36,830 3,670 730 217,351 27,898 (34,360) Deferred: Federal 19,952 2,716 21,658 State 4,515 2,960 693 24,467 5,676 22,351 $ 241,818 $ 33,574 $ (12,009) Significant components of the Company’s June 3, 2023 May 28, 2022 Deferred tax liabilities: Property, plant and equipment $ 109,590 $ 100,250 Inventories 44,986 31,987 Investment in affiliates 1,133 65 Other 5,702 5,713 Total deferred 161,411 138,015 Deferred tax assets: Accrued expenses 3,838 4,041 State operating loss carryforwards 78 470 Other comprehensive income 1,317 866 Other 3,966 4,442 Total deferred 9,199 9,819 Net deferred tax liabilities $ 152,212 $ 128,196 The differences between income tax expense (benefit) at the Company’s statutory federal income tax rate were as follows: Fiscal year end June 3, 2023 May 28, 2022 May 29, 2021 Statutory federal income tax $ 209,418 $ 34,907 $ (2,087) State income taxes, net 32,662 5,237 1,124 Domestic manufacturers deduction — — 3,566 Enacted net operating loss carryback provision — — (16,014) Tax exempt — (9) (50) Reversal of outside basis in equity investment Red River — (7,310) — Non-taxable remeasurement gain Red River — (955) — Other, net (262) 1,704 1,452 $ 241,818 $ 33,574 $ (12,009) As of no no penalties related to uncertain tax positions. We Service examination by federal and state taxing jurisdictions to which we are |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 03, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 16 - Commitments and Contingencies State of Texas On April 23, 2020, the Company and its subsidiary Wharton County Foods, LLC (“WCF”) were named as defendants in State of Texas of Harris County, of State claimed emergency and made misleading the Company and WCF to prevent further alleged violations of the DTPA, 100,000 2020, the the State filed a the Company and WCF appealed the First District Court’s decision to the Supreme Court of Texas. filed its brief on the merits, 2023. Management believes the risk of material loss related to this matter to be remote. Bell et al. v. Cal-Maine Foods et al. On April 30, 2020, the Company was named as one of several defendants in Bell et al. v. Cal-Maine Foods et al., Case No. 1:20- cv-461, in the Western and farms. during the COVID-19 state of sold, enjoin the Company declaration 10,000 250,000 impacting anyone over 65 years old. On December the plaintiffs’ amended class action complaint. The plaintiffs subsequently filed a motion to strike, and the motion to dismiss and related proceedings were referred to a United States magistrate judge. On July 14, 2021, the magistrate judge issued a report and recommendation to lack of subject matter jurisdiction. On September 20, 2021, the court dismissed the case without prejudice. On July 13, 2022, the court denied the plaintiffs’ motion to set aside or amend On March 15, 2022, et al., Case No. 1:22-cv-246, in the Western District of Texas, Austin Division alleging complaint. On August 12, complaint. On January 9, 2023, the court entered an order and final judgement On February Circuit, Case No. Management believes the risk of material loss related to both matters to be remote. Kraft Foods Global, Inc. et al. v. As previously cases involving plaintiffs who sought substantial remaining plaintiffs until a subsequent settlement was reached as described below, On September 13, 2019, the case with the Egg Products Plaintiffs was remanded from a multi-district litigation proceeding in the United States District Court for 2002, Producers, Inc. et al., Case No. 1:11-cv-8808, for trial. The Egg Products violated Section 1 the prices that of the United Egg Products money damages. trial date due to COVID-19 for October 16, 2023. In addition, dismissing all or results of operations. On November court dismissed the Company with prejudice. The Company intends to on resolution of management believes that there is Plaintiffs, at range of factors, resulted in findings of prior related cases; there are significant factual issues to damages (i.e., injunction and treble money damages). State of Oklahoma Watershed Pollution On June against Cal-Maine Foods, Inc. and Tyson Foods, Inc., Cobb-Vantress, Inc., Cargill, Simmons Foods, Inc., and certain defendants injunctive relief and monetary damages, but the claim for monetary discontinued operations 100 % of the membership River producers that operate in the area. The non-jury trial in the case began in September 2009 findings of defendants liable for state law nuisance, federal vicariously liable for the actions of on appropriate remedies. On June 12, 2023, the court ordered the Reece Tacha been set but is expected to be in the September to October time frame this fall. While management believes possibility of a material loss from the case, at the present any, of potential costs on appropriate remedies, the ongoing negotiations with the State on appropriate remedies and upcoming mediation, regarding defendants is small. Other Matters In addition to outcome of these matters cannot be determined with certainty, management, upon the advice of counsel, final outcome should not have a material effect on the Company’s |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 03, 2023 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts Disclosure | Description Balance at Beginning of Period Charged to Cost and Expense Write-off of Accounts Balance at End of Period Year Allowance for doubtful accounts $ 775 $ (148) $ 48 $ 579 Year Allowance for doubtful accounts $ 795 $ 30 $ 50 $ 775 Year Allowance for doubtful accounts $ 743 $ 135 $ 83 $ 795 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 03, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Cal-Maine marketing and distribution nutritionally-enhanced distributor southeastern, mid-western and mid-Atlantic regions of the United States. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include over which we exercise control. All significant intercompany transactions and |
Fiscal Year | Fiscal Year The Company’s fiscal year-end June 3, 2023 , included 53 the fiscal years ended May 28, 2022 and May 29, 2021 included 52 |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity in the United States of America requires management to make consolidated financial statements and accompanying notes. Actual results could |
Cash Equivalents | Cash Equivalents The equivalents. Company Company has not experienced any loss in such accounts. The Company manages this risk through maintaining cash deposits and other highly liquid investments in high quality financial institutions. We cash, concentration Checks issued, accounts payable. |
Investment Securities | Investment Securities The Company because the amounts invested are available for current operations. Available quoted market prices as of the balance sheet date, with unrealized gains and losses recorded in other comprehensive income. The amortized cost of debt securities is adjusted for amortization in interest income. The Company regularly evaluates changes to the rating of conditions value was less than the amortized cost basis. Investments Consolidated Balance Sheets. Unrealized gains and losses for equity securities are recorded in other income (expenses) as Other, net in the Company’s Consolidated The cost Gains and losses are recognized in other income (expenses) as Other, Interest and dividends on securities classified as available-for-sale |
Trade Receivables | Trade Receivables Trade receivables are stated at their carrying values, which include a reserve for credit reserves for credit losses were $ 579 775 on an minimizes exposure to In determining our as one approximately 30.1 % and 27.9 % of the Company’s trade accounts receivable, |
Inventories | Inventories Inventories of eggs, feed, value. The accumulated during a growing period 22 lives of the flocks, generally one two years . Flock mortality is charged to cost of sales as incurred. The information is not utilized by management in the operation of the Company. |
Property, Plant and Equipment | Property, Property, lives, which 15 25 3 12 maintenance are expensed as incurred. property, depreciation are removed from the accounts and any gain or loss is included in operations. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment over the asset’s and an impairment assessment may be performed on the recoverability |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The equity method its financial Company’s share of undistributed earnings when impairment, plus or minus observable price changes. The Company is a member of Eggland’s Best, Inc. cost, plus or minus any allocated equities and retains. |
Goodwill | Goodwill Goodwill evaluated for impairment annually by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. of a reporting any impairment. During the end to the annual planning and forecasting process. impairment of goodwill. The change has been applied prospectively |
Intangible Assets | Intangible Assets Included in other intangible assets are separable intangible assets acquired in business acquisitions, which include franchise non-compete agreements 5 15 years. The amortized and occur, asset lives may |
Accrued Self Insurance | Accrued Self Insurance We use a combination of insurance welfare, estimated, in part, by considering claims experience, demographic factors, |
Dividends Payable | Dividend Payable We The Company quarter for which the Company reports net income attributable to Cal-Maine an amount 1/3 ) of following the last day of such quarter, except for the fourth fiscal quarter. shareholders of 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. |
Treasury Stock | Treasury Stock Treasury treasury issuance of based compensation plans are credited or charged to paid-in |
Revenue Recognition and Delivery Costs | Revenue Recognition and Delivery Costs Revenue recognition is completed upon satisfaction of the performance obligation to the customer, which typically occurs within days of Note 13 policy. The Company believes to deliver Statements estimated returns sale using historical trends based on actual sales returns and sales. |
Advertising Costs | Advertising Costs The Company expensed advertising 3.4 12.6 11.7 2021, respectively. |
Income Taxes | Income Taxes Income differences income tax purposes. The believes it positions must meet the more-likely-than-not the outcomes Company interest on the portion of the tax benefit not recognized. The Company initially and subsequently measures the largest amount tax benefit relevant expense. Based Company’s consolidated |
Stock Based Compensation | Stock Based Compensation The restricted stock and performance-based shares, in the Consolidated Statements of Note Compensation Plans |
Business Combinations | Business Combinations The Company applies the acquisition and liabilities assumed, the date of acquisition. We the considers the remaining estimated life of the assets acquired and what We valuing certain intangible assets include, but rates and useful |
Loss Contingencies | Loss Contingencies Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company but which will only be assess contingencies proceedings, the Company’s as the perceived merits of the amount of relief sought or expected to be If the assessment can be potentially material loss contingency is nature of the disclosed. Loss nature of the guarantee would be disclosed. The Company expenses the costs of litigation as they are incurred. |
New Accounting Pronouncements and Policies | New Accounting Pronouncements and Policies No new accounting pronouncement issued or effective Consolidated Financial Statements. |
Fair Value Measures (Policy)
Fair Value Measures (Policy) | 12 Months Ended |
Jun. 03, 2023 | |
Fair Value Measures [Abstract] | |
Fair Value Measurement | The Company hierarchy. The knowledgeable, and willing be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be the liability with the creditor. ● Level 1 ● Level 2 directly or indirectly, o Quoted prices for similar assets or liabilities in active markets o Quoted prices for identical or similar assets in non-active markets o Inputs other than quoted prices that are observable for the asset or liability o Inputs derived principally ● Level 3 to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Acquisition [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 88,519 Goodwill 8,481 $ 97,000 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | June 3, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 16,571 $ — $ 275 $ 16,296 Commercial paper 56,486 — 77 56,409 Corporate bonds 139,979 — 1,402 138,577 Certificates of deposits 675 — — 675 US government and agency obligations 101,240 — 471 100,769 Asset backed securities 13,459 — 151 13,308 Treasury bills 29,069 — 13 29,056 Total current $ 357,479 $ — $ 2,389 $ 355,090 Mutual funds $ 2,172 $ — $ 91 $ 2,081 Total noncurrent $ 2,172 $ — $ 91 $ 2,081 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 $ 269,830 1-5 years 85,260 Total $ 355,090 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Fair Value Measures [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | June 3, 2023 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 16,296 $ — $ 16,296 Commercial paper — 56,409 — 56,409 Corporate bonds — 138,577 — 138,577 Certificates of deposits — 675 — 675 US government and agency obligations — 100,769 — 100,769 Asset backed securities — 13,308 — 13,308 Treasury bills — 29,056 — 29,056 Mutual funds 2,081 — — 2,081 Total assets measured at fair $ 2,081 $ 355,090 $ — $ 357,171 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) | 12 Months Ended |
Jun. 03, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | June 3, 2023 May 28, 2022 Flocks, net of amortization $ 164,540 $ 144,051 Eggs and egg products 28,318 26,936 Feed and supplies 91,560 92,329 $ 284,418 $ 263,316 |
Schedule of Cost of Sales Amortization and Mortality | June 3, 2023 May 28, 2022 May 29, 2021 Amortization $ 186,973 $ 160,107 $ 133,448 Mortality 10,455 8,011 6,769 Total flock costs charged $ 197,428 $ 168,118 $ 140,217 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | June 3, 2023 May 28, 2022 Land and improvements $ 117,279 $ 109,833 Buildings and improvements 552,669 517,859 Machinery and equipment 715,205 655,925 Construction-in-progress 98,605 71,967 1,483,758 1,355,584 Less: accumulated depreciation 739,218 677,788 $ 744,540 $ 677,796 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Investment in Unconsolidated Entities [Abstract] | |
Summary of Condensed Consolidated Financial Information for Unconsolidated Joint Ventures | For the fiscal year ended June 3, 2023 May 28, 2022 May 29, 2021 Net sales $ 222,602 $ 145,281 $ 119,853 Net income 1,492 3,942 1,596 Total assets 27,784 42,971 106,592 Total liabilities 9,854 21,892 5,850 Total equity 17,930 21,079 100,742 |
Schedule of Transactions With Unconsolidated Affiliates | For the fiscal year ended June 3, 2023 May 28, 2022 May 29, 2021 Sales to unconsolidated entities $ 136,351 $ 94,311 $ 56,765 Purchases from unconsolidated entities 75,024 60,016 76,059 Distributions from unconsolidated entities 1,500 400 6,663 June 3, 2023 May 28, 2022 Accounts receivable from unconsolidated entities $ 4,719 $ 10,815 Accounts payable to unconsolidated entities 3,187 4,678 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Summary Of Goodwill And Other Intangible Assets | Other Intangibles Franchise Customer Non-compete Right of Water Total Goodwill rights relationships agreements Use rights Trademark intangibles Balance May 29, 2021 $ 35,525 $ 16,699 $ 1,688 $ 1,019 $ 29 $ 720 $ 186 $ 55,866 Additions 8,481 — — — 10 — — 8,491 Amortization — (1,628) (362) (159) (21) — (50) (2,220) Balance May 28, 2022 44,006 15,071 1,326 860 18 720 136 62,137 Amortization — (1,657) (356) (152) (18) — (51) (2,234) Balance June 3, 2023 $ 44,006 $ 13,414 $ 970 $ 708 $ — $ 720 $ 85 $ 59,903 |
Schedule Of Other Intangibles | June 3, 2023 May 28, 2022 Gross carrying Accumulated Gross carrying Accumulated amount amortization amount amortization Other intangible assets: Franchise rights $ 29,284 $ (15,870) $ 29,284 $ (14,213) Customer relationships 9,644 (8,674) 9,644 (8,318) Non-compete agreements 1,450 (742) 1,450 (590) Right of use intangible 239 (239) 239 (221) Water rights * 720 — 720 — Trademark 400 (315) 400 (264) Total $ 41,737 $ (25,840) $ 41,737 $ (23,606) * |
Schedule Of Estimated Amortization Of Intangible Assets | For fiscal year Estimated amortization expense 2024 $ 2,170 2025 2,035 2026 1,831 2027 1,828 2028 1,758 Thereafter 5,555 Total $ 15,177 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Net Income per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | June 3, 2023 May 28, 2022 May 29, 2021 Numerator Net income $ 756,732 $ 132,441 $ 2,060 Less: Net loss attributable to noncontrolling interest (1,292) (209) — Net income attributable to Cal-Maine Foods, Inc. $ 758,024 $ 132,650 $ 2,060 Denominator Weighted-average 48,648 48,581 48,522 Effect of dilutive securities of restricted shares 186 153 134 Weighted-average 48,834 48,734 48,656 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 15.58 $ 2.73 $ 0.04 Diluted $ 15.52 $ 2.72 $ 0.04 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | 14 Weeks Ended 13 Weeks Ended 53 Weeks Ended 52 Weeks Ended June 3, 2023 May 28, 2022 June 3, 2023 May 28, 2022 Conventional shell egg sales $ 395,433 $ 378,190 $ 2,051,961 $ 1,061,995 Specialty shell egg sales 256,190 186,518 956,993 648,838 Egg products 33,996 26,488 122,270 60,004 Other 3,061 1,768 14,993 6,322 $ 688,680 $ 592,964 $ 3,146,217 $ 1,777,159 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Stock Compensation Plans [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Date Fair Value Outstanding, May 29, 2021 302,147 $ 39.37 Granted 113,142 41.13 Vested (92,918) 42.45 Forfeited (4,527) 38.01 Outstanding, May 28, 2022 317,844 $ 39.12 Granted 84,969 54.10 Vested (98,684) 38.25 Forfeited (9,989) 39.69 Outstanding, June 3, 2023 294,140 $ 43.72 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 03, 2023 | |
Income Taxes [Abstract] | |
Tax Expense by Jurisdiction | Fiscal year ended June 3, 2023 May 28, 2022 May 29, 2021 Current: Federal $ 180,521 $ 24,228 $ (35,090) State 36,830 3,670 730 217,351 27,898 (34,360) Deferred: Federal 19,952 2,716 21,658 State 4,515 2,960 693 24,467 5,676 22,351 $ 241,818 $ 33,574 $ (12,009) |
Deferred Tax Assets and Liabilities | June 3, 2023 May 28, 2022 Deferred tax liabilities: Property, plant and equipment $ 109,590 $ 100,250 Inventories 44,986 31,987 Investment in affiliates 1,133 65 Other 5,702 5,713 Total deferred 161,411 138,015 Deferred tax assets: Accrued expenses 3,838 4,041 State operating loss carryforwards 78 470 Other comprehensive income 1,317 866 Other 3,966 4,442 Total deferred 9,199 9,819 Net deferred tax liabilities $ 152,212 $ 128,196 |
Reconciliation of Effective Tax Expense | Fiscal year end June 3, 2023 May 28, 2022 May 29, 2021 Statutory federal income tax $ 209,418 $ 34,907 $ (2,087) State income taxes, net 32,662 5,237 1,124 Domestic manufacturers deduction — — 3,566 Enacted net operating loss carryback provision — — (16,014) Tax exempt — (9) (50) Reversal of outside basis in equity investment Red River — (7,310) — Non-taxable remeasurement gain Red River — (955) — Other, net (262) 1,704 1,452 $ 241,818 $ 33,574 $ (12,009) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Jun. 03, 2023 USD ($) Item | May 28, 2022 USD ($) Item | May 29, 2021 USD ($) | May 30, 2021 | May 30, 2020 USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Fiscal period duration | 371 days | 364 days | 364 days | ||
Reserves for credit losses | $ 579 | $ 775 | |||
Percentage of net income loss used to compute accrued dividends | 33.33% | ||||
Advertising expense | $ 3,400 | 12,600 | $ 11,700 | ||
Flock costs, cost accumulation period | 154 days | ||||
Stockholders' equity | $ 1,611,081 | 1,104,551 | |||
Stockholders' equity | 1,609,583 | 1,104,345 | 1,012,781 | $ 1,010,097 | |
Red River Valley Egg Farm Llc [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Business acquisition, percentage of voting interest acquired | 50% | ||||
Retained Earnings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ 1,571,112 | $ 1,065,854 | $ 975,977 | $ 975,569 | |
Accounts Receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Number of major customers | Item | 1 | 1 | |||
Customer Concentration Risk [Member] | Accounts Receivable | One Customer [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 30.10% | 27.90% | |||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Intangible assets estimated useful life | 5 years | ||||
Flock costs, amortization period | 1 year | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Intangible assets estimated useful life | 15 years | ||||
Flock costs, amortization period | 2 years | ||||
Buildings and Improvements [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 15 years | ||||
Buildings and Improvements [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 25 years | ||||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 3 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 12 years |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) Layers in Millions | May 30, 2021 USD ($) a Layers | May 29, 2021 |
Red River Valley Egg Farm Llc [Member] | ||
Business Acquisition [Line Items] | ||
Ownership percentage | 50% | |
Red River Valley Egg Farm Llc [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, percentage of voting interest acquired | 50% | |
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 | |
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 | 955,000 | |
Deferred tax liability recognized | $ 8,481,000 |
Acquisition (Allocation of Purc
Acquisition (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | May 30, 2021 | Jun. 03, 2023 | May 28, 2022 | May 29, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 44,006 | $ 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) | |||
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 ($) | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 291,800,000 | $ 92,700,000 | $ 129,100,000 |
Proceeds from sale of available-for-sale securities, noncurrent | 1,700,000 | 4,900,000 | 54,000 |
Gross realized gains on sales of available-for-sale securities, current | 51,000 | 181,000 | 456,000 |
Gross realized gains on sales of available-for-sale securities, noncurrent | 6,000 | 2,200,000 | 611,000 |
Gross realized losses on sales of available-for-sale securities, current | 87,000 | 76,000 | 19,000 |
Gross realized losses on sales of available-for-sale securities, noncurrent | 66,000 | 0 | $ 0 |
Allowance for credit losses | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | $ 357,479 | $ 116,167 |
Unrealized Gains, Current | 0 | 4 |
Unrealized Losses, Current | 2,389 | 742 |
Estimated Fair Value, Current | 355,090 | 115,429 |
Amortized Cost, Noncurrent | 2,172 | 3,826 |
Unrealized Gains, Noncurrent | 0 | 0 |
Unrealized Losses, Noncurrent | 91 | 74 |
Estimated Fair Value, Noncurrent | 2,081 | 3,752 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 16,571 | 10,136 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 275 | 32 |
Estimated Fair Value, Current | 16,296 | 10,104 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 56,486 | 14,940 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 77 | 72 |
Estimated Fair Value, Current | 56,409 | 14,868 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 139,979 | 74,167 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 1,402 | 483 |
Estimated Fair Value, Current | 138,577 | 73,684 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 675 | 1,263 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 0 | 18 |
Estimated Fair Value, Current | 675 | 1,245 |
US Government and Agency Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 101,240 | 2,205 |
Unrealized Gains, Current | 0 | 4 |
Unrealized Losses, Current | 471 | 0 |
Estimated Fair Value, Current | 100,769 | 2,209 |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 13,459 | 13,456 |
Unrealized Gains, Current | 0 | 0 |
Unrealized Losses, Current | 151 | 137 |
Estimated Fair Value, Current | 13,308 | 13,319 |
Treasury Bills [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Current | 29,069 | |
Unrealized Gains, Current | 0 | |
Unrealized Losses, Current | 13 | |
Estimated Fair Value, Current | 29,056 | |
Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Noncurrent | 2,172 | 3,826 |
Unrealized Gains, Noncurrent | 0 | 0 |
Unrealized Losses, Noncurrent | 91 | 74 |
Estimated Fair Value, Noncurrent | $ 2,081 | $ 3,752 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Investments Securities [Abstract] | ||
Within one year | $ 269,830 | |
1-5 years | 85,260 | |
Total | $ 355,090 | $ 115,429 |
Fair Value Measures (Schedule o
Fair Value Measures (Schedule of Assets Measured at Fair Value on A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 357,171 | $ 119,181 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,081 | 3,752 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 355,090 | 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 | 16,296 | 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 | 16,296 | 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 | 56,409 | 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 | 56,409 | 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 | 138,577 | 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 | 138,577 | 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 | 675 | 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 | 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 | 675 | 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 | 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 | 100,769 | 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 | 100,769 | 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 | 13,308 | 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 | 13,308 | 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 | 29,056 | |
Treasury Bills [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Treasury Bills [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 29,056 | |
Treasury Bills [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,081 | 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 | 2,081 | 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, $ in Millions | Jun. 03, 2023 Layers pullet_and_breeder | May 28, 2022 USD ($) |
Inventories [Abstract] | ||
Pullets and breeders | 10.8 | 11.5 |
Layers | 41.2 | 42.2 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Inventories [Abstract] | ||
Flocks, net of amortization | $ 164,540 | $ 144,051 |
Eggs and egg products | 28,318 | 26,936 |
Feed and supplies | 91,560 | 92,329 |
Total inventories | $ 284,418 | $ 263,316 |
Inventories (Schedule Of Cost O
Inventories (Schedule Of Cost Of Sales Amortization And Mortality) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Inventories [Abstract] | |||
Amortization | $ 186,973 | $ 160,107 | $ 133,448 |
Mortality | 10,455 | 8,011 | 6,769 |
Total flock costs charged to cost of sales | $ 197,428 | $ 168,118 | $ 140,217 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 69.4 | $ 65.8 | $ 56.5 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 1,483,758 | $ 1,355,584 |
Less: accumulated depreciation | 739,218 | 677,788 |
Property, plant and equipment, less accumulated depreciation | 744,540 | 677,796 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 117,279 | 109,833 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 552,669 | 517,859 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 715,205 | 655,925 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 98,605 | $ 71,967 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Investments in and Advances to Affiliates [Line Items] | |||
Investments in affiliates, recorded using the equity method of accounting | $ 9,700 | $ 10,500 | |
Equity in income of unconsolidated entities | $ 746 | $ 1,943 | $ 622 |
Red River Valley Egg Farm Llc [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50% | ||
Specialty Eggs LLC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Ownership percentage | 50% | 50% |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Schedule Of Transactions With Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | May 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Net income | $ 756,732 | $ 132,441 | $ 2,060 | |
Total assets | 1,954,525 | 1,427,489 | ||
Total liabilities | 344,942 | 323,144 | ||
Total equity | 1,609,583 | 1,104,345 | 1,012,781 | $ 1,010,097 |
Corporate Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 222,602 | 145,281 | 119,853 | |
Net income | 1,492 | 3,942 | 1,596 | |
Total assets | 27,784 | 42,971 | 106,592 | |
Total liabilities | 9,854 | 21,892 | 5,850 | |
Total equity | 17,930 | 21,079 | 100,742 | |
Unconsolidated Affiliates [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 136,351 | 94,311 | 56,765 | |
Purchases from unconsolidated entities | 75,024 | 60,016 | 76,059 | |
Distributions from unconsolidated entities | 1,500 | 400 | $ 6,663 | |
Accounts receivable from unconsolidated entities | 4,719 | 10,815 | ||
Accounts payable to unconsolidated entities | $ 3,187 | $ 4,678 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Aggregate amortization expense for intangible assets | $ 2,234 | $ 2,220 | $ 2,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Summary of Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Goodwill | |||
Goodwill, Balance | $ 44,006 | $ 35,525 | |
Additions | 8,481 | ||
Goodwill, Balance | 44,006 | 44,006 | $ 35,525 |
Other intangibles, Finite-Lived | |||
Other intangibles, Amortization | (2,234) | (2,220) | (2,500) |
Other Intangibles, Finite-Lived, Balance | 15,177 | ||
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Balance | 62,137 | 55,866 | |
Total intangibles, Additions | 8,491 | ||
Total intangibles, Amortization | (2,234) | (2,220) | (2,500) |
Total intangibles, Balance | 59,903 | 62,137 | 55,866 |
Water Rights [Member] | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Other Intangibles, Indefinite-Lived, Balance | 720 | 720 | |
Other Intangibles, Indefinite-Lived, Balance | 720 | 720 | 720 |
Franchise Rights [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 15,071 | 16,699 | |
Other Intangibles, Additions | 0 | ||
Other intangibles, Amortization | (1,657) | (1,628) | |
Other Intangibles, Finite-Lived, Balance | 13,414 | 15,071 | 16,699 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (1,657) | (1,628) | |
Customer Relationships [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 1,326 | 1,688 | |
Other Intangibles, Additions | 0 | ||
Other intangibles, Amortization | (356) | (362) | |
Other Intangibles, Finite-Lived, Balance | 970 | 1,326 | 1,688 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (356) | (362) | |
Noncompete Agreements [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 860 | 1,019 | |
Other Intangibles, Additions | 0 | ||
Other intangibles, Amortization | (152) | (159) | |
Other Intangibles, Finite-Lived, Balance | 708 | 860 | 1,019 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (152) | (159) | |
Right Of Use Intangible [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 18 | 29 | |
Other Intangibles, Additions | 10 | ||
Other intangibles, Amortization | (18) | (21) | |
Other Intangibles, Finite-Lived, Balance | 0 | 18 | 29 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | (18) | (21) | |
Trademarks [Member] | |||
Other intangibles, Finite-Lived | |||
Other Intangibles, Finite-Lived, Balance | 136 | 186 | |
Other Intangibles, Additions | 0 | ||
Other intangibles, Amortization | (51) | (50) | |
Other Intangibles, Finite-Lived, Balance | 85 | 136 | $ 186 |
Intangible Assets Net Including Goodwill [Abstract] | |||
Total intangibles, Amortization | $ (51) | $ (50) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Other Intangibles) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 | May 29, 2021 |
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 41,737 | $ 41,737 | |
Accumulated amortization | (25,840) | (23,606) | |
Franchise Rights [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 29,284 | 29,284 | |
Accumulated amortization | (15,870) | (14,213) | |
Customer Relationships [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 9,644 | 9,644 | |
Accumulated amortization | (8,674) | (8,318) | |
Noncompete Agreements [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 1,450 | 1,450 | |
Accumulated amortization | (742) | (590) | |
Right Of Use Intangible [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 239 | 239 | |
Accumulated amortization | (239) | (221) | |
Trademarks [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived | 400 | 400 | |
Accumulated amortization | 315 | 264 | |
Water Rights [Member] | |||
Schedule of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, indefinite-lived | $ 720 | $ 720 | $ 720 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Of Intangible Assets) (Details) $ in Thousands | Jun. 03, 2023 USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
2024 | $ 2,170 |
2025 | 2,035 |
2026 | 1,831 |
2027 | 1,828 |
2028 | 1,758 |
Thereafter | 5,555 |
Total | $ 15,177 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Medical claim, maximum per occurrence | $ 275,000 | ||
Medical plan expense | 21,900,000 | $ 24,600,000 | $ 21,700,000 |
Liability recorded for incurred but not reported claims | 2,900,000 | 2,800,000 | |
Postretirement expense liability | 2,700,000 | 3,400,000 | |
SERP, possible aggregate retirement benefit amount | 500,000 | ||
SERP, annual payments | $ 50,000 | ||
SERP, term | 10 years | ||
SERP, vesting period | 5 years | ||
SERP, vesting percent per year | 20% | ||
SERP, vesting percent upon disablement | 100% | ||
Postemployment medical benefits liability | $ 63,000 | ||
KSOP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company matching contribution percentage | 3% | ||
Company cash contribution | $ 4,300,000 | $ 3,900,000 | $ 3,800,000 |
Compare share contribution | 0 | 0 | 0 |
Certain Officers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation agreement, amount of years required for payment | 65 years | ||
Payments made under plan | $ 170,000 | $ 170,000 | $ 170,000 |
Liability related to deferred compensation agreements | $ 1,000,000 | 1,100,000 | |
Officers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation agreement, amount of years required for payment | 60 years | ||
Deferred compensation agreement, minimum service years required for payment | 5 years | ||
Payments made under plan | $ 410,000 | 480,000 | 55,000 |
Liability related to deferred compensation agreements | 4,600,000 | 4,500,000 | 4,100,000 |
Awards issued under deferred compensation plan | 388,000 | 340,000 | 279,000 |
Deferred compensation expense | $ 346,000 | $ 258,000 | $ 1,600,000 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Line Of Credit Facility [Line Items] | |||
Interest costs incurred | $ 583,000 | $ 403,000 | $ 213,000 |
Credit Agreement [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument, term | 5 years | ||
Maximum borrowing capacity | $ 250,000,000 | ||
Available additional capacity | 200,000,000 | ||
Amount outstanding | $ 0 | $ 0 | |
Interest period | 1 month | ||
Floor rate | 0% | ||
Maximum total funded debt to capitalization ratio | 50% | ||
Minimum tangible net worth, amount | $ 700,000,000 | ||
Minimum tangible net worth, percentage of net income | 50% | ||
Threshold of voting control in related entities that requires compliance with covenant | 100% | ||
Minimum amount of company voting stock | 50% | ||
Credit facility benchmark in computing dividend payments | $ 50,000,000 | ||
Credit Agreement [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Commitment fee | 0.15% | ||
Credit Agreement [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Commitment fee | 0.25% | ||
Credit Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0% | ||
Credit Agreement [Member] | Base Rate [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.75% | ||
Credit Agreement [Member] | Base Rate, Federal Funds [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Credit Agreement [Member] | SOFR [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.10% | ||
Credit Agreement [Member] | SOFR [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1% | ||
Credit Agreement [Member] | SOFR [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Credit Agreement [Member] | SOFR, One Month [Member] [Member] | |||
Line Of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1% | ||
Credit Agreement [Member] | Standby Letters of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 15,000,000 | ||
Amount outstanding | 4,300,000 | ||
Credit Agreement [Member] | Swingline [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 15,000,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Jun. 03, 2023 Item shares |
Schedule of Stockholders Equity [Line Items] | |
Number of classes of capital stock | 2 |
Number of shares owned by immediate family members and/or permitted transferee's (in shares) | shares | 4,600,000 |
Common Stock [Member] | |
Schedule of Stockholders Equity [Line Items] | |
Number of votes per share of stock | 1 |
Number of votes per share of stock converted from Class A | 1 |
Class A Common Stock [Member] | |
Schedule of Stockholders Equity [Line Items] | |
Number of votes per share of stock | 10 |
Number of shares owned by immediate family members and/or permitted transferee's (in shares) | shares | 4,300,000 |
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 | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Net Income per Common Share [Abstract] | |||
Net income | $ 756,732 | $ 132,441 | $ 2,060 |
Less: Net loss attributable to noncontrolling interest | (1,292) | (209) | 0 |
Net income attributable to Cal-Maine Foods, Inc. | $ 758,024 | $ 132,650 | $ 2,060 |
Denominator | |||
Weighted-average common shares outstanding, basic (in shares) | 48,648 | 48,581 | 48,522 |
Effect of dilutive restricted shares (in shares) | 186 | 153 | 134 |
Weighted-average common shares outstanding, diluted (in shares) | 48,834 | 48,734 | 48,656 |
Net income per common share attributable to Cal-Maine Foods, Inc. | |||
Basic (in dollars per share) | $ 15.58 | $ 2.73 | $ 0.04 |
Diluted (in dollars per share) | $ 15.52 | $ 2.72 | $ 0.04 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Selling, general and administrative expenses | $ 77.5 | $ 62.7 | $ 52.7 |
H-E-B, LP [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 10.10% | ||
Walmart [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 34.20% | 29.50% | 29.80% |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 688,680 | $ 592,964 | $ 3,146,217 | $ 1,777,159 | $ 1,348,987 |
Conventional shell egg sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 395,433 | 378,190 | 2,051,961 | 1,061,995 | |
Specialty shell egg sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 256,190 | 186,518 | 956,993 | 648,838 | |
Egg products [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 33,996 | 26,488 | 122,270 | 60,004 | |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 3,061 | $ 1,768 | $ 14,993 | $ 6,322 |
Stock Compensation Plan (Narrat
Stock Compensation Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense (benefit) | $ 4.2 | $ 4.1 | $ 3.8 |
2012 Omnibus Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive plan shares authorized (in shares) | 2,000,000 | ||
Shares remaining for issuance | 941,593 | ||
Unrecognized compensation expense | $ 7.2 | $ 7 | |
Weighted average period of unrecognized compensation expense | 2 years 1 month 6 days |
Stock Compensation Plan (Summar
Stock Compensation Plan (Summary of Equity Award Activity) (Details) - $ / shares | 12 Months Ended | |
Jun. 03, 2023 | May 28, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding, Beginning Balance (in shares) | 317,844 | 302,147 |
Number of Shares, Granted (in shares) | 84,969 | 113,142 |
Number of Shares, Vested (in shares) | (98,684) | (92,918) |
Number of Shares, Forfeited (in shares) | (9,989) | (4,527) |
Number of Shares, Outstanding, Ending Balance (in shares) | 294,140 | 317,844 |
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) | $ 39.12 | $ 39.37 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 54.10 | 41.13 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 38.25 | 42.45 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 39.69 | 38.01 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ 43.72 | $ 39.12 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | Jun. 03, 2023 USD ($) |
Tax Credit Carryforward [Line Items] | |
Unrecognized tax benefits | $ 0 |
Income tax penalties and interest accrued | $ 0 |
Income Taxes (Tax Expense by Ju
Income Taxes (Tax Expense by Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Current: | |||
Current income tax expense (benefit): Federal | $ 180,521 | $ 24,228 | $ (35,090) |
Current income tax expense (benefit): State | 36,830 | 3,670 | 730 |
Current income tax expense (benefit): Total | 217,351 | 27,898 | (34,360) |
Deferred: | |||
Deferred income tax expense (benefit): Federal | 19,952 | 2,716 | 21,658 |
Deferred income tax expense (benefit): State | 4,515 | 2,960 | 693 |
Deferred income taxes expense (benefit): Total | 24,467 | 5,676 | 22,351 |
Income tax expense (benefit) | $ 241,818 | $ 33,574 | $ (12,009) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | May 28, 2022 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ 109,590 | $ 100,250 |
Inventories | 44,986 | 31,987 |
Investment in affiliates | 1,133 | 65 |
Other | 5,702 | 5,713 |
Total deferred tax liabilities | 161,411 | 138,015 |
Deferred tax assets: | ||
Accrued expenses | 3,838 | 4,041 |
State operating loss carryforwards | 78 | 470 |
Other comprehensive income | 1,317 | 866 |
Other | 3,966 | 4,442 |
Total deferred tax assets | 9,199 | 9,819 |
Net deferred tax liabilities | $ 152,212 | $ 128,196 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
Income Taxes [Abstract] | |||
Statutory federal income tax | $ 209,418 | $ 34,907 | $ (2,087) |
State income taxes, net | 32,662 | 5,237 | 1,124 |
Domestic manufacturers deduction | 0 | 0 | 3,566 |
Enacted net operating loss carryback provision | 0 | 0 | (16,014) |
Tax exempt interest income | 0 | (9) | (50) |
Reversal of outside basis in equity investment Red River | 0 | (7,310) | 0 |
Non-taxable remeasurement gain Red River | 0 | (955) | 0 |
Other, net | (262) | 1,704 | 1,452 |
Income tax expense (benefit) | $ 241,818 | $ 33,574 | $ (12,009) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended | |
Apr. 23, 2020 USD ($) | Jun. 03, 2023 $ / Claim | |
Benton County Foods [Member] | ||
Loss Contingencies [Line Items] | ||
Ownership interest | 100% | |
Pending Litigation | State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought | $ | $ 100,000 | |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought per claim | 10,000 | |
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought per claim | 250,000 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | May 29, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 775 | $ 795 | $ 743 |
Charged to Cost and Expense | (148) | 30 | 135 |
Write-off of Accounts | 48 | 50 | 83 |
Balance at End of Period | $ 579 | $ 775 | $ 795 |