Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 02, 2024 |
Jun. 03, 2023 |
---|---|---|
Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 70,261,000 | 70,261,000 |
Common stock in treasury (in shares) | 26,022,000 | 26,077,000 |
Class A Convertible Common Stock [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,800,000 | 4,800,000 |
Common stock, shares issued (in shares) | 4,800,000 | 4,800,000 |
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Mar. 02, 2024 |
Feb. 25, 2023 |
|
Condensed Consolidated Statements of Income [Abstract] | ||||
Net sales | $ 703,076 | $ 997,493 | $ 1,685,654 | $ 2,457,537 |
Cost of sales | 484,504 | 534,467 | 1,330,519 | 1,459,172 |
Gross profit | 218,572 | 463,026 | 355,135 | 998,365 |
Selling, general and administrative | 66,020 | 58,489 | 194,844 | 170,048 |
Gain on involuntary conversions | (9,929) | (3,220) | (9,929) | (3,220) |
(Gain) loss on disposal of fixed assets | (306) | (26) | (44) | 36 |
Operating income | 162,787 | 407,783 | 170,264 | 831,501 |
Other income (expense): | ||||
Interest income, net | 7,554 | 6,126 | 21,887 | 8,959 |
Royalty income | 436 | 426 | 1,086 | 1,198 |
Patronage dividends | 11,298 | 10,239 | 11,298 | 10,239 |
Equity income of unconsolidated entities | 2,666 | 1,786 | 2,225 | 943 |
Other, net | 418 | (1,473) | 1,250 | (205) |
Total other income, net | 22,372 | 17,104 | 37,746 | 21,134 |
Income before income taxes | 185,159 | 424,887 | 208,010 | 852,635 |
Income tax expense | 38,796 | 102,118 | 44,658 | 206,438 |
Net income | 146,363 | 322,769 | 163,352 | 646,197 |
Less: Loss attributable to noncontrolling interest | (349) | (450) | (1,295) | (896) |
Net income attributable to Cal-Maine Foods, Inc. | $ 146,712 | $ 323,219 | $ 164,647 | $ 647,093 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 3.01 | $ 6.64 | $ 3.38 | $ 13.31 |
Diluted (in dollars per share) | $ 3.00 | $ 6.62 | $ 3.37 | $ 13.25 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 48,727 | 48,653 | 48,702 | 48,634 |
Diluted (in shares) | 48,884 | 48,842 | 48,865 | 48,832 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Mar. 02, 2024 |
Feb. 25, 2023 |
|
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 146,363 | $ 322,769 | $ 163,352 | $ 646,197 |
Other comprehensive income (loss), before tax: | ||||
Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments | 132 | 26 | 1,813 | (1,945) |
Income tax benefit (expense) related to items of other comprehensive income | (32) | (6) | (441) | 474 |
Other comprehensive Income (loss), net of tax | 100 | 20 | 1,372 | (1,471) |
Comprehensive income | 146,463 | 322,789 | 164,724 | 644,726 |
Less: Comprehensive loss attributable to the noncontrolling interest | (349) | (450) | (1,295) | (896) |
Comprehensive income attributable to Cal-Maine Foods, Inc. | $ 146,812 | $ 323,239 | $ 166,019 | $ 645,622 |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Presentation The “we,” “us,” “our”) in reporting and “2023 statement of the results for recurring nature. year. Fiscal Year The Company’s ended on March 2, 2024 and February 25, 2023 included 13 weeks 39 weeks , respectively. Use of Estimates The preparation of the assumptions could differ from those estimates. Investment Securities The Company because the on quoted market prices The recorded in interest economic conditions that fair value was less than the amortized cost basis. Investments Condensed (expenses) as Other, net in the Company’s The cost Gains Statements of Income. Interest and dividends on securities classified as available-for-sale Trade Receivables Trade receivables 2023, reserves for credit losses were 605 579 based Company procedures. information adjusted as needed for economic and other forward-looking Goodwill Goodwill evaluated test is value magnitude of any impairment. Intangible Assets Intangible relationships, non-compete lives 5 15 amounts operating conditions of the carrying amounts. Indefinite life assets are recorded at fair value in business acquisitions and are reviewed for impairment at least annually or more frequently if Dividends Payable We The Company quarter for in an amount following the to shareholders of record on the 65th day after the Following a quarter for which the Company does not report net income not pay a dividend date of the most recent quarter Directors. 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 discount rates and as goodwill. Gain on Involuntary Conversions The Company fires, hurricanes, indemnity (“HPAI”). birds and eggs market value depopulation and disposal costs, and virus elimination costs. USDA does not suffered damage, business interruption and disease outbreaks in costs, committed when all contingencies associated with the recoveries are resolved. Loss Contingencies Certain which will counsel 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 |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Acquisition [Abstract] | |
Acquisition | Note 2 - Acquisition Effective September 30, 2023 , the Company shell facilities with 1.2 pullets, a accounted for the acquisition as a business combination. The following assumed recognized at the acquisition date (in thousands): Inventory consisted value inventory were all valued based on market prices as of September 30, 2023. Property, the assets and subtracting any depreciation resulting from physical deterioration Intangible comparison approach. Contingent acquired three-year acquisition. and prices, projected revenue respect to the due to market volatility of egg prices. Goodwill assets acquired. from integrating the assets of 1.8 a result of the acquisition. Cash consideration paid $ 53,746 Fair value of contingent consideration 1,000 Total estimated purchase 54,746 Recognized amounts of identifiable assets acquired and Inventory $ 6,164 Property, plant and equipment 44,540 Intangible assets 2,272 Other long-term assets 143 Liabilities assumed (143) Total identifiable 52,976 Goodwill 1,770 $ 54,746 |
Investment Securities |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Investments Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The following represents the Company’s March 2, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 6,147 $ — $ 63 $ 6,084 Commercial paper 42,864 — 39 42,825 Corporate bonds 121,430 — 367 121,063 Certificates of deposits 1,830 — 2 1,828 US government and agency obligations 115,165 — 199 114,966 Asset backed securities 9,418 85 — 9,503 Treasury bills 31,455 — 4 31,451 Total current $ 328,309 $ 85 $ 674 $ 327,720 Mutual funds $ 1,108 $ 16 $ — $ 1,124 Total noncurrent $ 1,108 $ 16 $ — $ 1,124 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 Available-for-sale Proceeds 273.9 132.7 the thirty-nine ended March 18 38 thirty-nine weeks ended March 2, 2024 and February 8 64 no allowances Actual maturities without penalties. Contractual maturities of current investments at March Estimated Fair Value Within one year $ 213,556 1-5 years 114,164 Total $ 327,720 Noncurrent Proceeds from sales and maturities of noncurrent investment securities 1.5 1.8 weeks ended March 2, 2024 2024 and February 25, 14 6 no weeks ended March 2, 2024. Gross realized losses for the thirty-nine 66 |
Fair Value Measurements |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 4 - Fair Value The Company hierarchy. The knowledgeable, and willing be settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, ◦ Quoted prices for similar assets or liabilities in active markets ◦ Quoted prices for identical or similar assets in non-active markets ◦ Inputs other than quoted prices that are observable for the asset or liability ◦ Inputs derived principally from or corroborated by other observable • Level 3 significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. Assets and Liabilities Measured at Fair In liabilities measured at fair value on a recurring basis as of March 2, 2024 and June March 2, 2024 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 6,084 $ — $ 6,084 Commercial paper — 42,825 — 42,825 Corporate bonds — 121,063 — 121,063 Certificates of deposits — 1,828 — 1,828 US government and agency obligations — 114,966 — 114,966 Asset backed securities — 9,503 — 9,503 Treasury bills — 31,451 — 31,451 Mutual funds 1,124 — — 1,124 Total assets measured at fair $ 1,124 $ 327,720 $ — $ 328,844 Liabilities Contingent consideration $ — $ — $ 1,000 $ 1,000 Total liabilities measured $ — $ — $ 1,000 $ 1,000 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 Investment when purchased. We Observable inputs for these securities are yields, credit risks, default rates, and volatility. Contingent contingent on the three-year the date of assumptions and capital, assessments |
Inventories |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories Inventories consisted of the following as of March 2, 2024 and June 3, March 2, 2024 June 3, 2023 Flocks, net of amortization $ 150,441 $ 164,540 Eggs and egg products 26,770 28,318 Feed and supplies 92,033 91,560 $ 269,244 $ 284,418 We breeders (male and female 2024 and June 10.9 10.8 42.2 41.2 million layers, respectively. |
Equity |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Equity [Abstract] | |
Equity | Note 6 - Equity The following reflects equity activity for the thirteen weeks ended Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at December 2, 2023 $ 703 $ 48 $ (30,014) $ 74,214 $ (1,614) $ 1,583,071 $ (2,444) $ 1,623,964 Other comprehensive income, net of tax — — — — 100 — — 100 Stock compensation plan transactions — — (1,583) 1,012 — — — (571) Dividends ($ 0.997 per share) Common — — — — — (44,111) — (44,111) Class A common — — — — — (4,786) — (4,786) Net income (loss) — — — — — 146,712 (349) 146,363 Balance at March 2, 2024 $ 703 $ 48 $ (31,597) $ 75,226 $ (1,514) $ 1,680,886 $ (2,793) $ 1,720,959 Thirty-nine Weeks Ended Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at June 3, 2023 $ 703 $ 48 $ (30,008) $ 72,112 $ (2,886) $ 1,571,112 $ (1,498) $ 1,609,583 Other comprehensive income, net of tax — — — — 1,372 — — 1,372 Stock compensation plan transactions — — (1,589) 3,114 — — — 1,525 Dividends ($ 1.119 per share) Common — — — — — (49,501) — (49,501) Class A common — — — — — (5,372) — (5,372) Net income (loss) — — — — — 164,647 (1,295) 163,352 Balance at March 2, 2024 $ 703 $ 48 $ (31,597) $ 75,226 $ (1,514) $ 1,680,886 $ (2,793) $ 1,720,959 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at November 26, 2022 $ 703 $ 48 $ (28,496) $ 70,005 $ (3,087) $ 1,281,784 $ (652) $ 1,320,305 Other comprehensive income, net of tax — — — — 20 — — 20 Stock compensation plan transactions — — (1,500) 972 — — — (528) Dividends ($ 2.199 per share) Common — — — — — (97,123) — (97,123) Class A common — — — — — (10,555) — (10,555) Net income (loss) — — — — — 323,219 (450) 322,769 Balance at February 25, 2023 $ 703 $ 48 $ (29,996) $ 70,977 $ (3,067) $ 1,497,325 $ (1,102) $ 1,534,888 Thirty-nine Weeks Ended Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 28, 2022 $ 703 $ 48 $ (28,447) $ 67,989 $ (1,596) $ 1,065,854 $ (206) $ 1,104,345 Other comprehensive loss, net of tax — — — — (1,471) — — (1,471) Stock compensation plan transactions — — (1,549) 2,988 — — — 1,439 Dividends ($ 4.403 per share) Common — — — — — (194,478) — (194,478) Class A common — — — — — (21,144) — (21,144) Net income (loss) — — — — — 647,093 (896) 646,197 Balance at February 25, 2023 $ 703 $ 48 $ (29,996) $ 70,977 $ (3,067) $ 1,497,325 (1,102) $ 1,534,888 |
Net Income per Common Share |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 7 - Net Income per Common Share Basic net income net dilutive effect of share-based awards. The income per common share (amounts in thousands, except per share data): Thirteen Weeks Thirty-nine Weeks Ended March 2, 2024 February 25, 2023 March 2, 2024 February 25, 2023 Numerator Net income $ 146,363 $ 322,769 $ 163,352 $ 646,197 Less: Loss attributable to noncontrolling interest (349) (450) (1,295) (896) Net income attributable to Cal-Maine Foods, Inc. $ 146,712 $ 323,219 $ 164,647 $ 647,093 Denominator Weighted-average outstanding, basic 48,727 48,653 48,702 48,634 Effect of dilutive restricted shares 157 189 163 198 Weighted-average outstanding, diluted 48,884 48,842 48,865 48,832 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 3.01 $ 6.64 $ 3.38 $ 13.31 Diluted $ 3.00 $ 6.62 $ 3.37 $ 13.25 |
Revenue from Contracts with Customers |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | Note 8 - Revenue from Contracts with Customers Satisfaction of Performance Obligation The vast majority of the Company’s for products. Pricing establishes the contract for that order. Revenues are shell production. satisfaction customer agreeing upon the order. Returns and Refunds Some of our contracts include a guaranteed sale clause, pursuant to which we customer is unable to sell before expiration. The Company records an allowance for return data compared to current period sales and accounts receivable. same period the revenue is recognized. Sales Incentives Provided to Customers The discount offers a minimum reduction reduction historical ‘‘Net sales.’’ Disaggregation of Revenue The following table provides revenue disaggregated by product category Thirteen Weeks Thirty-nine Weeks Ended March 2, 2024 February 25, 2023 March 2, 2024 February 25, 2023 Conventional shell egg sales $ 413,619 $ 689,022 $ 919,498 $ 1,656,528 Specialty shell egg sales 262,293 272,205 688,879 700,803 Egg products 21,759 32,582 63,994 88,274 Other 5,405 3,684 13,283 11,932 $ 703,076 $ 997,493 $ 1,685,654 $ 2,457,537 Contract Costs The Company can incur costs to one year, and contract assets was immaterial. Contract Balances The Company receives payment from customers based on specified terms that are There are rarely contract assets or liabilities related to performance under the |
Stock Based Compensation |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 9 - Stock Based Compensation Total 3.2 3.1 February 25, 2023, respectively. Unrecognized Restated 2012 8.6 period 2.2 Stock Compensation Plans in our 2023 Annual Report for further information The Company’s restricted share activity Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2023 294,140 $ 43.72 Granted 86,363 54.91 Vested (99,360) 37.70 Forfeited (1,329) 44.68 Outstanding, March 2, 2024 279,814 $ 49.31 |
Commitments and Contingencies |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 10 - Commitments and Contingencies LEGAL PROCEEDINGS State of Texas On April of Court of violation (“DTPA”). COVID-19 permanent $ 100,000 prejudice. On September First proceedings. On October 31, 2022, Texas. remanded to the Management believes the risk of material loss related to this matter to be remote. Bell et al. v. Cal-Maine Foods et al. On 1:20-cv-461, producers, and farms. Plaintiffs assert that defendants for eggs Plaintiffs seek to enjoin eggs prior 10,000 250,000 each violation motion to motion to judge dismissed without prejudice for lack of subject matter jurisdiction. On prejudice. complaint. On March 15, 2022, et al., first class action dismiss. On February Circuit, Case No. 23-50112. On February 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 the MDL No. 2002, to Egg defendants illegally certain features of producers. On October 24, 2019, claims against the of operations. dismissed the Company with prejudice. The trial of this case began Plaintiffs 17.8 liable 53.3 settlements with final and second fiscal quarter 19.6 in Company’s of the reasonably be with contributions. Our accrual may change in the future in whole or in the verdict, notwithstanding Egg Products Plaintiffs. State of Oklahoma Watershed Pollution On June against Cal-Maine and litter the sought Foods, purchased 100 % operation within number of small contract producers that operate in the area. The non-jury trial in the case began in September 2009 findings of defendants producers reach agreement Circuit Chief Judge Deanell the mediation brief arguing violation dismiss and on believes there amount uncertainties decision in a the court as to what dismiss before that our share compared to the other defendants is small. Other Matters In addition to the above, the Company is involved in various other claims and litigation incidental outcome of these matters cannot be determined with certainty, the final outcome should not have a material effect on the Company’s |
Subsequent Events |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events On March processing plant, hatchery and feed mill in Dexter, On one approximately 1.6 337,000 3.6 % of the Company’s 2024. The “USDA”) participate Company’s volatility in income effect cannot be reasonably made. |
Summary of Significant Accounting Policies (Policy) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The “we,” “us,” “our”) in reporting and “2023 statement of the results for recurring nature. year. |
Fiscal Year | Fiscal Year The Company’s ended on March 2, 2024 and February 25, 2023 included 13 weeks 39 weeks , respectively. |
Use of Estimates | Use of Estimates The preparation of the assumptions could differ from those estimates. |
Investment Securities | Investment Securities The Company because the on quoted market prices The recorded in interest economic conditions that fair value was less than the amortized cost basis. Investments Condensed (expenses) as Other, net in the Company’s The cost Gains Statements of Income. Interest and dividends on securities classified as available-for-sale |
Trade Receivables | Trade Receivables Trade receivables 2023, reserves for credit losses were 605 579 based Company procedures. information adjusted as needed for economic and other forward-looking |
Goodwill | Goodwill Goodwill evaluated test is value magnitude of any impairment. |
Intangible Assets | Intangible Assets Intangible relationships, non-compete lives 5 15 amounts operating conditions of the carrying amounts. Indefinite life assets are recorded at fair value in business acquisitions and are reviewed for impairment at least annually or more frequently if |
Dividends Payable | Dividends Payable We The Company quarter for in an amount following the to shareholders of record on the 65th day after the Following a quarter for which the Company does not report net income not pay a dividend date of the most recent quarter Directors. |
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 discount rates and as goodwill. |
Gain on Involuntary Conversions | Gain on Involuntary Conversions The Company fires, hurricanes, indemnity (“HPAI”). birds and eggs market value depopulation and disposal costs, and virus elimination costs. USDA does not suffered damage, business interruption and disease outbreaks in costs, committed when all contingencies associated with the recoveries are resolved. |
Loss Contingencies | Loss Contingencies Certain which will counsel 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 Measurements (Policy) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurement | The Company hierarchy. The knowledgeable, and willing be settle the liability with the creditor. • Level 1 • Level 2 directly or indirectly, ◦ Quoted prices for similar assets or liabilities in active markets ◦ Quoted prices for identical or similar assets in non-active markets ◦ Inputs other than quoted prices that are observable for the asset or liability ◦ Inputs derived principally from or corroborated by other observable • Level 3 significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded Cash and cash equivalents, accounts receivable, short maturity of these instruments. |
Acquisition (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Acquisition [Abstract] | |
Summary of Consideration Paid for Fassio and Amounts of Assets Acquired and Liabilities Assumed | Cash consideration paid $ 53,746 Fair value of contingent consideration 1,000 Total estimated purchase 54,746 Recognized amounts of identifiable assets acquired and Inventory $ 6,164 Property, plant and equipment 44,540 Intangible assets 2,272 Other long-term assets 143 Liabilities assumed (143) Total identifiable 52,976 Goodwill 1,770 $ 54,746 |
Investment Securities (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Investments Securities [Abstract] | |
Schedule Of Investment Securities | March 2, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Municipal bonds $ 6,147 $ — $ 63 $ 6,084 Commercial paper 42,864 — 39 42,825 Corporate bonds 121,430 — 367 121,063 Certificates of deposits 1,830 — 2 1,828 US government and agency obligations 115,165 — 199 114,966 Asset backed securities 9,418 85 — 9,503 Treasury bills 31,455 — 4 31,451 Total current $ 328,309 $ 85 $ 674 $ 327,720 Mutual funds $ 1,108 $ 16 $ — $ 1,124 Total noncurrent $ 1,108 $ 16 $ — $ 1,124 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 |
Schedule Of Contractual Maturities Of Investment Securities | Estimated Fair Value Within one year $ 213,556 1-5 years 114,164 Total $ 327,720 |
Fair Value Measurements (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On A Recurring Basis | March 2, 2024 Level 1 Level 2 Level 3 Balance Assets Municipal bonds $ — $ 6,084 $ — $ 6,084 Commercial paper — 42,825 — 42,825 Corporate bonds — 121,063 — 121,063 Certificates of deposits — 1,828 — 1,828 US government and agency obligations — 114,966 — 114,966 Asset backed securities — 9,503 — 9,503 Treasury bills — 31,451 — 31,451 Mutual funds 1,124 — — 1,124 Total assets measured at fair $ 1,124 $ 327,720 $ — $ 328,844 Liabilities Contingent consideration $ — $ — $ 1,000 $ 1,000 Total liabilities measured $ — $ — $ 1,000 $ 1,000 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 |
Inventories (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Inventories [Abstract] | |
Schedule of Inventories | March 2, 2024 June 3, 2023 Flocks, net of amortization $ 150,441 $ 164,540 Eggs and egg products 26,770 28,318 Feed and supplies 92,033 91,560 $ 269,244 $ 284,418 |
Equity (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Equity [Abstract] | |
Summary of Equity Activity | Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at December 2, 2023 $ 703 $ 48 $ (30,014) $ 74,214 $ (1,614) $ 1,583,071 $ (2,444) $ 1,623,964 Other comprehensive income, net of tax — — — — 100 — — 100 Stock compensation plan transactions — — (1,583) 1,012 — — — (571) Dividends ($ 0.997 per share) Common — — — — — (44,111) — (44,111) Class A common — — — — — (4,786) — (4,786) Net income (loss) — — — — — 146,712 (349) 146,363 Balance at March 2, 2024 $ 703 $ 48 $ (31,597) $ 75,226 $ (1,514) $ 1,680,886 $ (2,793) $ 1,720,959 Thirty-nine Weeks Ended Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at June 3, 2023 $ 703 $ 48 $ (30,008) $ 72,112 $ (2,886) $ 1,571,112 $ (1,498) $ 1,609,583 Other comprehensive income, net of tax — — — — 1,372 — — 1,372 Stock compensation plan transactions — — (1,589) 3,114 — — — 1,525 Dividends ($ 1.119 per share) Common — — — — — (49,501) — (49,501) Class A common — — — — — (5,372) — (5,372) Net income (loss) — — — — — 164,647 (1,295) 163,352 Balance at March 2, 2024 $ 703 $ 48 $ (31,597) $ 75,226 $ (1,514) $ 1,680,886 $ (2,793) $ 1,720,959 Thirteen Weeks Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at November 26, 2022 $ 703 $ 48 $ (28,496) $ 70,005 $ (3,087) $ 1,281,784 $ (652) $ 1,320,305 Other comprehensive income, net of tax — — — — 20 — — 20 Stock compensation plan transactions — — (1,500) 972 — — — (528) Dividends ($ 2.199 per share) Common — — — — — (97,123) — (97,123) Class A common — — — — — (10,555) — (10,555) Net income (loss) — — — — — 323,219 (450) 322,769 Balance at February 25, 2023 $ 703 $ 48 $ (29,996) $ 70,977 $ (3,067) $ 1,497,325 $ (1,102) $ 1,534,888 Thirty-nine Weeks Ended Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at May 28, 2022 $ 703 $ 48 $ (28,447) $ 67,989 $ (1,596) $ 1,065,854 $ (206) $ 1,104,345 Other comprehensive loss, net of tax — — — — (1,471) — — (1,471) Stock compensation plan transactions — — (1,549) 2,988 — — — 1,439 Dividends ($ 4.403 per share) Common — — — — — (194,478) — (194,478) Class A common — — — — — (21,144) — (21,144) Net income (loss) — — — — — 647,093 (896) 646,197 Balance at February 25, 2023 $ 703 $ 48 $ (29,996) $ 70,977 $ (3,067) $ 1,497,325 (1,102) $ 1,534,888 |
Net Income per Common Share (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Net Income per Common Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | Thirteen Weeks Thirty-nine Weeks Ended March 2, 2024 February 25, 2023 March 2, 2024 February 25, 2023 Numerator Net income $ 146,363 $ 322,769 $ 163,352 $ 646,197 Less: Loss attributable to noncontrolling interest (349) (450) (1,295) (896) Net income attributable to Cal-Maine Foods, Inc. $ 146,712 $ 323,219 $ 164,647 $ 647,093 Denominator Weighted-average outstanding, basic 48,727 48,653 48,702 48,634 Effect of dilutive restricted shares 157 189 163 198 Weighted-average outstanding, diluted 48,884 48,842 48,865 48,832 Net income per common share attributable to Cal-Maine Foods, Inc. Basic $ 3.01 $ 6.64 $ 3.38 $ 13.31 Diluted $ 3.00 $ 6.62 $ 3.37 $ 13.25 |
Revenue from Contracts with Customers (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue | Thirteen Weeks Thirty-nine Weeks Ended March 2, 2024 February 25, 2023 March 2, 2024 February 25, 2023 Conventional shell egg sales $ 413,619 $ 689,022 $ 919,498 $ 1,656,528 Specialty shell egg sales 262,293 272,205 688,879 700,803 Egg products 21,759 32,582 63,994 88,274 Other 5,405 3,684 13,283 11,932 $ 703,076 $ 997,493 $ 1,685,654 $ 2,457,537 |
Stock Based Compensation (Tables) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Stock Based Compensation [Abstract] | |
Summary of Equity Award Activity | Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2023 294,140 $ 43.72 Granted 86,363 54.91 Vested (99,360) 37.70 Forfeited (1,329) 44.68 Outstanding, March 2, 2024 279,814 $ 49.31 |
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Mar. 02, 2024 |
Feb. 25, 2023 |
Jun. 03, 2023 |
|
Significant Accounting Policies [Line Items] | |||||
Fiscal period duration | 91 days | 91 days | 273 days | 273 days | |
Reserves for credit losses | $ 605 | $ 605 | $ 579 | ||
Percentage of net income loss used to compute accrued dividends | 33.33% | ||||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Intangible assets estimated useful life | 5 years | 5 years | |||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Intangible assets estimated useful life | 15 years | 15 years |
Acquisition (Narrative) (Details) $ in Thousands, Layers in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023
USD ($)
Layers
|
Mar. 02, 2024
USD ($)
|
Jun. 03, 2023
USD ($)
|
|
Business Acquisition [Line Items] | |||
Goodwill | $ 45,776 | $ 44,006 | |
Fassio Egg Farms, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Effective date of acquisition | Sep. 30, 2023 | ||
Layer capacity | Layers | 1.2 | ||
Contingent consideration measurement period | 3 years | ||
Goodwill | $ 1,770 |
Acquisition (Summary of Consideration Paid for Fassio and Amounts of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 02, 2024 |
Jun. 03, 2023 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 45,776 | $ 44,006 | |
Fassio Egg Farms, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration paid | $ 53,746 | ||
Fair value of contingent consideration | 1,000 | ||
Total estimated purchase price | 54,746 | ||
Inventory | 6,164 | ||
Property, plant and equipment | 44,540 | ||
Intangible assets | 2,272 | ||
Other long-term assets | 143 | ||
Liabilities assumed | (143) | ||
Total identifiable net assets | 52,976 | ||
Goodwill | 1,770 | ||
Total identifiable net assets and goodwill | $ 54,746 |
Investment Securities (Narrative) (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Jun. 03, 2023 |
|
Investments Securities [Abstract] | |||
Proceeds from sale of available-for-sale securities, current | $ 273,900,000 | $ 132,700,000 | |
Proceeds from sale of available-for-sale securities, noncurrent | 1,500,000 | 1,800,000 | |
Gross realized gains on sales of available-for-sale securities, current | 18,000 | 38,000 | |
Gross realized gains on sales of available-for-sale securities, noncurrent | 14,000 | 6,000 | |
Gross realized losses on sales of available-for-sale securities, current | 8,000 | 64,000 | |
Gross realized losses on sales of available-for-sale securities, noncurrent | 0 | $ 66,000 | |
Allowance for credit losses | $ 0 | $ 0 |
Investment Securities (Schedule of Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands |
Mar. 02, 2024 |
Jun. 03, 2023 |
---|---|---|
Investments Securities [Abstract] | ||
Within one year | $ 213,556 | |
1-5 years | 114,164 | |
Total | $ 327,720 | $ 355,090 |
Fair Value Measurements (Narrative) (Details) |
9 Months Ended |
---|---|
Mar. 02, 2024 | |
Fassio Egg Farms, Inc. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration measurement period | 3 years |
Inventories (Narrative) (Details) pullet_and_breeder in Millions, Layers in Millions |
Mar. 02, 2024
Layers
pullet_and_breeder
|
Jun. 03, 2023
Layers
pullet_and_breeder
|
---|---|---|
Inventories [Abstract] | ||
Pullets and breeders | pullet_and_breeder | 10.9 | 10.8 |
Layers | Layers | 42.2 | 41.2 |
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands |
Mar. 02, 2024 |
Jun. 03, 2023 |
---|---|---|
Inventories [Abstract] | ||
Flocks, net of amortization | $ 150,441 | $ 164,540 |
Eggs and egg products | 26,770 | 28,318 |
Feed and supplies | 92,033 | 91,560 |
Total inventories | $ 269,244 | $ 284,418 |
Equity (Summary of Equity Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Mar. 02, 2024 |
Feb. 25, 2023 |
|
Beginning balance | $ 1,623,964 | $ 1,320,305 | $ 1,609,583 | $ 1,104,345 |
Other comprehensive income (loss), net of tax | 100 | 20 | 1,372 | (1,471) |
Stock compensation plan transactions | (571) | (528) | 1,525 | 1,439 |
Net income (loss) | 146,363 | 322,769 | 163,352 | 646,197 |
Ending balance | $ 1,720,959 | $ 1,534,888 | $ 1,720,959 | $ 1,534,888 |
Dividends per common share (in dollars per share) | $ 0.997 | $ 2.199 | $ 1.119 | $ 4.403 |
Common Stock [Member] | ||||
Beginning balance | $ 703 | $ 703 | $ 703 | $ 703 |
Ending balance | 703 | 703 | 703 | 703 |
Treasury Stock [Member] | ||||
Beginning balance | (30,014) | (28,496) | (30,008) | (28,447) |
Stock compensation plan transactions | (1,583) | (1,500) | (1,589) | (1,549) |
Ending balance | (31,597) | (29,996) | (31,597) | (29,996) |
Paid In Capital [Member] | ||||
Beginning balance | 74,214 | 70,005 | 72,112 | 67,989 |
Stock compensation plan transactions | 1,012 | 972 | 3,114 | 2,988 |
Ending balance | 75,226 | 70,977 | 75,226 | 70,977 |
Accum. Other Comp. Loss [Member] | ||||
Beginning balance | (1,614) | (3,087) | (2,886) | (1,596) |
Other comprehensive income (loss), net of tax | 100 | 20 | 1,372 | (1,471) |
Ending balance | (1,514) | (3,067) | (1,514) | (3,067) |
Retained Earnings [Member] | ||||
Beginning balance | 1,583,071 | 1,281,784 | 1,571,112 | 1,065,854 |
Net income (loss) | 146,712 | 323,219 | 164,647 | 647,093 |
Ending balance | 1,680,886 | 1,497,325 | 1,680,886 | 1,497,325 |
Noncontrolling Interest [Member] | ||||
Beginning balance | (2,444) | (652) | (1,498) | (206) |
Net income (loss) | (349) | (450) | (1,295) | (896) |
Ending balance | (2,793) | (1,102) | (2,793) | (1,102) |
Common Stock [Member] | ||||
Dividends | (44,111) | (97,123) | (49,501) | (194,478) |
Common Stock [Member] | Retained Earnings [Member] | ||||
Dividends | (44,111) | (97,123) | (49,501) | (194,478) |
Class A Common Stock [Member] | ||||
Dividends | (4,786) | (10,555) | (5,372) | (21,144) |
Class A Common Stock [Member] | Common Stock [Member] | ||||
Beginning balance | 48 | 48 | 48 | 48 |
Ending balance | 48 | 48 | 48 | 48 |
Class A Common Stock [Member] | Retained Earnings [Member] | ||||
Dividends | $ (4,786) | $ (10,555) | $ (5,372) | $ (21,144) |
Net Income per Common Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Mar. 02, 2024 |
Feb. 25, 2023 |
|
Net Income per Common Share [Abstract] | ||||
Net income | $ 146,363 | $ 322,769 | $ 163,352 | $ 646,197 |
Less: Loss attributable to noncontrolling interest | (349) | (450) | (1,295) | (896) |
Net income attributable to Cal-Maine Foods, Inc. | $ 146,712 | $ 323,219 | $ 164,647 | $ 647,093 |
Denominator | ||||
Weighted-average common shares outstanding, basic (in shares) | 48,727 | 48,653 | 48,702 | 48,634 |
Effect of dilutive restricted shares (in shares) | 157 | 189 | 163 | 198 |
Weighted-average common shares outstanding, diluted (in shares) | 48,884 | 48,842 | 48,865 | 48,832 |
Net income per common share attributable to Cal-Maine Foods, Inc. | ||||
Basic (in dollars per share) | $ 3.01 | $ 6.64 | $ 3.38 | $ 13.31 |
Diluted (in dollars per share) | $ 3.00 | $ 6.62 | $ 3.37 | $ 13.25 |
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
Mar. 02, 2024 |
Feb. 25, 2023 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 703,076 | $ 997,493 | $ 1,685,654 | $ 2,457,537 |
Conventional shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 413,619 | 689,022 | 919,498 | 1,656,528 |
Specialty shell egg sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 262,293 | 272,205 | 688,879 | 700,803 |
Egg products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 21,759 | 32,582 | 63,994 | 88,274 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 5,405 | $ 3,684 | $ 13,283 | $ 11,932 |
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Mar. 02, 2024 |
Feb. 25, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 8.6 | |
Weighted average period of unrecognized compensation expense | 2 years 2 months 12 days | |
Stock based compensation expense | $ 3.2 | $ 3.1 |
Commitments and Contingencies (Narrative) (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 01, 2023
USD ($)
|
Apr. 23, 2020
$ / Claim
|
Mar. 02, 2024
USD ($)
|
Mar. 02, 2024
USD ($)
|
|
Benton County Foods [Member] | ||||
Loss Contingencies [Line Items] | ||||
Ownership interest | 100.00% | 100.00% | ||
Kraft Foods Global, Inc. et al. v. United Egg Producers, Inc. et al [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount awarded to other party | $ 17,800,000 | |||
Treble damages | $ 53,300,000 | |||
Settlement accrual | $ 19,600,000 | |||
Pending Litigation | State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Damages sought | $ 100,000 | |||
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Damages sought per claim | $ / Claim | 10,000 | |||
Pending Litigation | Bell et al. v. Cal-Maine Foods et al. [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Damages sought per claim | $ / Claim | 250,000 |
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] |
Apr. 01, 2024
Item
|
---|---|
Subsequent Event [Line Items] | |
Number of facilities, tested positive for HPAI | 1 |
Number of laying hens, affected by HPAI positive test | 1,600,000 |
Number of pullets, tested positive for HPAI | 337,000 |
Percent of total flock affected by HPAI positive test | 3.60% |
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