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11-K 1 fy2211k.htm FORM 11K fy2211k
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
 
20549
FORM 11-K
(mark one)
☑
 
Annual report pursuant to Section 15(d) of the Securities Exchange Act
 
of 1934
For the annual period ended December 31, 2022
OR
☐
 
Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________
Commission File Number:
 
001-38695
A.
 
Full title of the plan and the address of the plan, if different from that of the issuer
 
named below:
CAL-MAINE FOODS, INC. KSOP
B.
 
Name of issuer of the securities held pursuant to the plan and the address of
 
its principal executive office:
CAL-MAINE FOODS, INC.
1052 HIGHLAND COLONY PKWY, SUITE 200
RIDGELAND, MS 39157
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
TABLE OF CONTENTS
Page
REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
2
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits
4
Statement of Changes in Net Assets Available for Benefits
5
Notes to the Financial Statements
6
SUPPLEMENTAL SCHEDULE:
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End
 
of Year)
12
SIGNATURE
14
 
 
 
 
 
 
 
 
 
 
 
 
2
Report of Independent Registered Public Accounting Firm
To Participants and the Audit Committee of the
Cal-Maine Foods, Inc. KSOP
Jackson, Mississippi
Opinion on the Financial Statements
We have audited the accompanying statements of
 
net assets available for
 
benefits of the Cal-Maine Foods,
 
Inc.
KSOP (the “Plan”) as of December 31, 2022 and 2021, and the related statement of changes in net assets available for
benefits
 
for
 
the
 
years
 
then
 
ended,
 
and
 
the
 
related
 
notes
 
and
 
schedules
 
(collectively
 
referred
 
to
 
as
 
the
 
“financial
statements”).
 
In our opinion, the financial statements
 
present fairly, in all material respects, the net assets
 
available for
benefits of the Plan
 
as of December 31,
 
2022
 
and 2021, and the
 
changes in net assets
 
available for benefits
 
for the years
then ended, in conformity with accounting principles generally accepted
 
in the United States of America.
Basis for Opinion
These financial statements are the
 
responsibility of the Plan’s management.
 
Our responsibility is to express
 
an
opinion on
 
the Plan’s
 
financial statements
 
based on
 
our audits.
 
We
 
are a
 
public accounting
 
firm registered
 
with the
Public
 
Company Accounting
 
Oversight Board
 
(United
 
States) (“PCAOB”)
 
and are
 
required to
 
be independent
 
with
respect to the
 
Plan in accordance
 
with the U.S.
 
federal securities laws
 
and the applicable
 
rules and regulations
 
of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in
 
accordance with the
 
standards of the
 
PCAOB. Those standards
 
require that we
 
plan
and
 
perform
 
the
 
audit
 
to
 
obtain
 
reasonable
 
assurance
 
about
 
whether
 
the
 
financial
 
statements
 
are
 
free
 
of
 
material
misstatement, whether due
 
to error or
 
fraud.
 
The Plan is
 
not required to
 
have, nor were
 
we engaged to
 
perform, an audit
of its
 
internal control
 
over financial
 
reporting.
 
As part
 
of our
 
audits, we
 
are required
 
to obtain
 
an understanding
 
of
internal control over financial
 
reporting but not for
 
purposes of expressing an
 
opinion on the effectiveness
 
of the Plan’s
internal control over financial reporting.
 
Accordingly, we express no such opinion.
Our
 
audits
 
included
 
performing
 
procedures
 
to
 
assess
 
the
 
risks
 
of
 
material
 
misstatement
 
of
 
the
 
financial
statements,
 
whether due
 
to
 
error
 
or
 
fraud, and
 
performing procedures
 
that
 
respond to
 
those
 
risks.
 
Such procedures
included examining, on
 
a test basis,
 
evidence regarding the amounts
 
and disclosures in
 
the financial statements.
 
Our
audits
 
also
 
included
 
evaluating
 
the
 
accounting
 
principles
 
used
 
and
 
significant
 
estimates
 
made
 
by
 
the
 
Plan’s
management,
 
as
 
well
 
as
 
evaluating the
 
overall
 
presentation of
 
the
 
financial
 
statements.
 
We
 
believe
 
that
 
our
 
audits
provide a reasonable basis for our opinion.
 
3
Supplemental Information
The supplemental information
 
in the accompanying
 
schedule of assets (held
 
at end of year)
 
as of December 31,
2022 has been subjected to
 
audit procedures performed in conjunction
 
with the audit of
 
the Plan’s financial statements.
 
The
 
supplemental
 
information
 
is
 
presented
 
for
 
the
 
purpose
 
of
 
additional
 
analysis
 
and
 
is
 
not
 
a
 
required
 
part
 
of
 
the
financial
 
statements
 
but
 
included
 
supplemental
 
information
 
required
 
by
 
the
 
Department
 
of
 
Labor’s
 
Rules
 
and
Regulations
 
for
 
Reporting
 
and
 
Disclosure
 
under
 
the
 
Employee
 
Retirement
 
Income
 
Security
 
Act
 
of
 
1974.
 
The
supplemental information is the responsibility of
 
the Plan’s
 
management.
 
Our audit procedures included determining
whether the
 
supplemental information
 
reconciles to
 
the
 
financial statements
 
or
 
the
 
underlying accounting
 
and other
records, as applicable, and
 
performing procedures to test
 
the completeness and accuracy
 
of the information presented
in
 
the
 
supplemental
 
information.
 
In
 
forming
 
our
 
opinion
 
on
 
the
 
supplemental
 
information
 
in
 
the
 
accompanying
schedule, we
 
evaluated whether
 
the supplemental
 
information, including
 
its form
 
and content,
 
is presented
 
in conformity
with the Department
 
of Labor’s Rules
 
and Regulations for
 
Reporting and Disclosure under
 
the Employee Retirement
Income Security
 
Act of
 
1974.
 
In our
 
opinion, the
 
supplemental information
 
in the
 
accompanying schedule
 
is fairly
stated, in all material respects, in relation to the financial statements
 
as a whole.
 
/s/ Frost, PLLC
We have served as the Plan’s
 
auditor since 2007.
Little Rock, Arkansas
June 20, 2023
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
Statement of Net Assets Available for Benefits
December 31, 2022 and 2021
4
2022
2021
Assets
Investments, at fair value
$
165,031,357
$
148,162,481
Notes receivable from participants
3,588,441
2,803,857
Net assets available for benefits
$
168,619,798
$
150,966,338
See accompanying notes to the financial statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
Statement of Changes in Net Assets Available for Benefits
For the Years
 
Ended December 31, 2022 and 2021
5
2022
2021
Additions
Investment income
Interest and dividend income
Interest
$
—
$
178
Dividends
6,306,191
3,790,792
Total interest and dividend income
6,306,191
3,790,970
Net change in fair value of investments
20,705,036
5,303,855
Total investment income
27,011,227
9,094,825
Interest income on notes receivable from participants
145,179
135,397
Contributions
Employer contributions
4,059,289
3,839,875
Participant contributions
5,623,856
5,134,489
Rollover
47,117
514,287
Total contributions
9,730,262
9,488,651
Total additions
36,886,668
18,718,873
Deductions
Benefits paid to participants
19,006,272
14,175,804
Administrative expenses
226,936
176,043
Total deductions
19,233,208
14,351,847
Net increase in net assets available for benefits
17,653,460
4,367,026
Transfer of Plan assets from the Red River Valley
 
Egg Farm, LLC 401(k) Plan
—
1,169,314
Net assets available for benefits - beginning of year
150,966,338
145,429,998
Net assets available for benefits - end of year
$
168,619,798
$
150,966,338
See accompanying notes to the final statements
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2022 and 2021
 
6
Note 1 – Summary of Significant Plan Provisions
The
 
following
 
description
 
of
 
the
 
Cal-Maine
 
Foods,
 
Inc.
 
KSOP
 
(the
 
“Plan”)
 
provides
 
only
 
general
 
information.
 
Participants should refer to the Plan documents for a more complete description
 
of the Plan’s provisions.
General
The Plan
 
covers substantially
 
all employees
 
of Cal-Maine
 
Foods, Inc.
 
and its
 
subsidiaries (collectively, the
 
“Company”).
 
It is subject to the provisions of the Employee Retirement Income Security
 
Act of 1974, as amended (“ERISA”).
 
Effective September 27, 2021, the Red River Valley Egg Farm, LLC 401(k) Plan was merged into the Plan.
Eligibility
Each
 
employee,
 
except
 
leased
 
employees,
 
collective
 
bargaining
 
employees,
 
contract
 
employees,
 
and
 
employees
 
of
independent contractors shall become eligible to
 
participate in the Plan on
 
the entry date next following or
 
coinciding
with the employee attaining 21 years of age and one
 
year of service during which the employee
 
accrues 1,000 hours or
more
 
of
 
service.
 
Entry
 
dates
 
are
 
January 1,
 
April 1,
 
July 1
 
and
 
October 1.
 
The
 
Plan
 
includes
 
an
 
auto-enrollment
provision whereby all
 
newly eligible employees
 
are automatically enrolled
 
in the Plan
 
unless they affirmatively
 
elect
not to
 
participate in
 
the Plan.
 
Automatically enrolled participants
 
have their
 
deferral rate
 
set at
 
3 percent
 
of eligible
compensation and their contributions invested in a designated balanced
 
fund until changed by the participant.
Contributions
Participants may contribute
 
a portion
 
of pretax annual
 
compensation, as defined
 
by the
 
Plan Document.
 
Participants
may designate all
 
or a portion
 
of their contributions
 
as Roth
 
contributions.
 
Participants who
 
have attained
 
age 50 before
the
 
end
 
of
 
the
 
Plan
 
year
 
are
 
eligible
 
to
 
make
 
catch-up
 
contributions.
 
The
 
automatic
 
deferral
 
percentage
 
for
 
new
participants is 3% of
 
compensation.
 
A participant may elect
 
not to participate or
 
to defer a different percentage
 
of their
compensation.
 
Employee deferrals will automatically increase by one percent (1%) on the first day of each Plan year,
up to a maximum of 5%.
 
Participants may contribute amounts representing distributions from other qualified defined
benefit or
 
defined contribution plans
 
(rollovers).
 
The Company made
 
safe harbor
 
nonelective contributions equal
 
to
3% of compensation during
 
the years ended December 31,
 
2022 and 2021.
 
These contributions are
 
initially invested in
Cal-Maine Foods, Inc.
 
common stock.
 
The Company can
 
also make additional
 
discretionary nonelective
 
contributions.
 
The Company did not make an additional contribution for
 
the years ended December 31, 2022 or 2021. Contributions
are subject to certain Internal Revenue Service (“IRS”) limitations.
 
Participant accounts
Each
 
participant’s
 
account
 
is
 
credited
 
with
 
participant
 
and
 
Company
 
contributions
 
and
 
an
 
allocation
 
of
 
Plan
earnings/losses, and is charged with applicable withdrawals and
 
administrative expenses.
 
Allocations are based on the
participant’s compensation, contributions or account
 
balances, as defined.
 
The benefit to which
 
a participant is
 
entitled
is the benefit that can be provided from the participant’s vested account.
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2022 and 2021
 
7
A participant, alternate payee of a participant, or beneficiary of a deceased participant has the immediate right to elect
to diversify any
 
publicly traded employer
 
securities held in
 
their Company stock
 
account attributable to
 
participating
Company contributions and any publicly traded securities
 
held in their safe harbor nonelective
 
contribution Company
stock account and reinvest the proceeds in any other investments
 
available under the Plan.
 
Vesting
Participants are vested immediately in their contributions and Company safe harbor contributions plus actual earnings
thereon.
Investment options
Participants may direct the
 
investment of their interest
 
in the Plan
 
into the investment options
 
offered under the
 
Plan.
 
Participants may change their investment selections at any time.
Notes receivable from participants
Participants may borrow from their accounts a
 
minimum of $1,000 up to
 
a maximum of the lesser of
 
$50,000 or 50%
of the
 
vested interest
 
in their
 
account balance.
 
Note terms
 
range from
 
one to
 
five years
 
or up
 
to 15
 
years if
 
for the
purchase of a primary residence.
 
The notes are secured by the balance in the participant’s account and bear interest at
a rate
 
determined by the
 
Plan Administrative Committee
 
equivalent to that
 
charged by
 
major financial institutions
 
in
the community.
 
Principal and interest is paid ratably through weekly or biweekly
 
payroll deductions.
Payment of benefits
Benefits
 
are
 
generally payable
 
on
 
termination, retirement,
 
death
 
or
 
disability.
 
If
 
the
 
participant’s
 
vested balance
 
is
$5,000 or less, it will
 
be automatically distributed. In-service withdrawals are
 
allowed from all participant accounts if
the participant
 
has attained
 
age 59½,
 
at any
 
time from
 
a participant’s rollover
 
account, or
 
once a
 
year from
 
a participant’s
non-safe harbor Company stock
 
account and non-elective deferral
 
Company Stock Account for
 
participants with five
or more years
 
of participation.
 
In addition,
 
in-service withdrawals
 
are available to
 
participants meeting
 
certain hardship
requirements.
Distributions from a participant’s Company stock account are made either in cash or Company stock, as elected
 
by the
participant.
 
Non-company stock accounts are distributed in lump sum or
 
installments.
 
Voting
 
rights of stock
Each participant
 
shall have
 
the right
 
to
 
direct the
 
committee or
 
trustee as
 
to the
 
manner in
 
which whole
 
and partial
shares of the Company’s
 
stock allocated to their accounts as
 
of the record date are
 
to be voted in
 
each matter brought
before an annual or special shareholders’ meeting.
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2022 and 2021
 
8
Termination of the Plan
Although
 
it
 
has
 
not
 
expressed
 
any
 
intent
 
to
 
do
 
so,
 
the
 
Company
 
has
 
the
 
right
 
under
 
the
 
Plan
 
to
 
discontinue
 
its
contributions at any time and to terminate the Plan subject to the provisions
 
of ERISA.
Note 2 – Summary of Significant Accounting Policies
Basis of accounting
The
 
accompanying
 
financial
 
statements
 
are
 
prepared
 
under
 
the
 
accrual
 
method
 
of
 
accounting
 
in
 
accordance
 
with
accounting principles generally accepted in the United States of America.
Use of Estimates
The preparation
 
of financial
 
statements in
 
conformity with
 
accounting principles
 
generally accepted
 
in the United
 
States
of America requires management to make estimates
 
and assumptions that affect certain reported amounts
 
of assets and
liabilities and changes
 
therein, and disclosure
 
of contingent assets
 
and liabilities.
 
Accordingly, actual results may
 
differ
from those estimates.
Investment valuation and income recognition
Investments are reported at fair value.
 
See Note 3 for a discussion of fair value measurements.
Purchases and sales
 
of securities are
 
recorded on a
 
trade-date basis.
 
Interest is recorded
 
on the accrual
 
basis.
 
Dividends
are recorded
 
on the
 
ex-dividend date.
 
Net change
 
in fair
 
value includes
 
the Plan’s
 
gains and
 
losses on
 
investments
bought and sold, as well as held during the year.
Notes receivable from participants
Notes receivable from
 
participants are
 
measured at their
 
unpaid principal balance
 
plus any accrued,
 
but unpaid, interest.
 
Delinquent notes
 
receivable from
 
participants are
 
recorded as
 
a distribution
 
based upon
 
the terms
 
of the
 
Plan documents.
 
Payment of benefits
Benefits are recorded when paid.
Administrative expenses
Certain administrative and recordkeeping fees are paid by the Plan, unless otherwise paid
 
by the Company.
 
Expenses
that are paid
 
by the Company
 
are excluded from
 
these financial statements.
 
Fees related to
 
distributions are charged
directly to the participants' accounts.
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2022 and 2021
 
9
Note 3 – Fair Value Measurements
The Plan is required
 
to categorize both
 
financial and nonfinancial
 
assets and liabilities
 
based on the
 
following fair value
hierarchy.
 
The fair
 
value of
 
an asset
 
is the
 
price at
 
which the
 
asset could
 
be sold
 
in an
 
orderly transaction
 
between
unrelated, knowledgeable, and willing parties able to
 
engage in the transaction. A liability’s fair value is defined as the
amount that would
 
be paid to
 
transfer the liability
 
to a new
 
obligor in a
 
transaction between such
 
parties, not the
 
amount
that would be paid to settle the liability with the creditor.
•
Level 1
 
- Quoted prices in active markets for identical assets or liabilities
•
Level 2
 
- Inputs other than
 
quoted prices included in
 
Level 1 that
 
are observable for
 
the asset or
 
liability,
either directly or indirectly, including:
◦
Quoted prices for similar assets or liabilities in active markets
◦
Quoted prices for identical or similar assets in non-active markets
◦
Inputs other than quoted prices that are observable for the asset
 
or liability
◦
Inputs derived principally from or corroborated by other observable
 
market data
•
Level 3
 
- Unobservable inputs for the asset or
 
liability that are supported by little or no
 
market activity and
that are significant to the fair value of the assets or liabilities
The asset or liability’s
 
fair value measurement level within the fair value hierarchy is
 
based on the lowest level of
any input that is significant to the fair value
 
measurement.
 
Valuation
 
techniques used need to maximize the use of
observable inputs and minimize the use of unobservable inputs.
The following is
 
a description of the
 
valuation methodologies used for
 
assets measured at fair
 
value.
 
There have
been no changes in the methodologies used at December 31, 2022 or 2021:
Common stock and mutual funds
:
 
These investments are valued based on quoted market prices at the end
of the Plan year.
 
Common collective trust
 
funds
:
 
This investment is
 
valued based on
 
the net asset
 
value (“NAV”)
 
of units
held
 
by the
 
Plan at
 
year end,
 
as
 
calculated by
 
the issuer,
 
as a
 
practical expedient
 
to
 
estimate fair
 
value.
 
NAV
 
is calculated based on the fair value of the underlying assets owned by the
 
fund, minus its liabilities,
divided by the number of units outstanding.
 
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable
value
 
or
 
reflective
 
of
 
future
 
fair
 
values.
 
Furthermore,
 
although
 
the
 
Plan
 
believes
 
its
 
valuation
 
methods
 
are
appropriate
 
and consistent
 
with
 
other
 
market
 
participants, the
 
use
 
of
 
different
 
methodologies or
 
assumptions to
determine the
 
fair value
 
of certain
 
financial instruments
 
could result
 
in a
 
different fair
 
value measurement
 
at the
reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2022 and 2021
 
10
The following table sets forth the Plan’s assets at fair value.
 
December 31, 2022
Level 1
Level 2
Level 3
Total
Assets
Cal-Maine Foods, Inc. common stock
$
103,541,463
$
—
$
—
$
103,541,463
Mutual funds
59,348,386
—
—
59,348,386
Total assets measured at fair value
$
162,889,849
$
—
$
—
$
162,889,849
Investments measured at net asset value*
2,141,508
Investment at fair value
$
165,031,357
December 31, 2021
Level 1
Level 2
Level 3
Total
Assets
Cal-Maine Foods, Inc. common stock
$
74,110,725
$
—
$
—
$
74,110,725
Mutual funds
72,637,916
—
—
72,637,916
Total assets measured at fair value
$
146,748,641
$
—
$
—
$
146,748,641
Investments measured at net asset value*
1,413,840
Investment at fair value
$
148,162,481
*
 
The investment measured
 
at fair value
 
using the net
 
asset value per
 
share (or its
 
equivalent) practical expedient has
 
not been classified
 
in the fair
 
value
hierarchy. The fair value amount included above is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of
net assets available for benefits.
The following
 
table summarizes
 
investments for
 
which fair
 
value is
 
measured using
 
the NAV per share
 
as a
 
practical
expedient.
Unfunded
Redemption
Redemption
Fair Value
Commitments
Frequency
Notice Period
December 31, 2022
Common collective trust fund
$
2,141,508
N/A
Daily
None
December 31, 2021
Common collective trust fund
$
1,413,840
N/A
Daily
None
 
Note 4 – Risks and Uncertainties
There is
 
a high
 
concentration of
 
the Company's
 
stock owned
 
by the
 
Plan.
 
As of
 
December 31,
 
2022 and
 
2021,
approximately 61% and 49% of the Plan's assets were invested
 
in the Company's common stock, respectively.
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2022 and 2021
 
11
The Plan invests in various investment securities that are exposed to various risks such as interest rate, market
 
and
credit risks.
 
Due to the level of risk associated with certain investment securities, it is at least reasonably possible
that changes
 
in the
 
values of
 
investment securities
 
will occur
 
in the
 
near term
 
and that
 
such changes
 
could materially
affect the participants' account balances and the amounts reported in the financial
 
statements.
Note 5 – Tax Status
The IRS
 
has determined
 
and informed
 
the Company
 
by a
 
letter dated
 
January 14,
 
2015 that
 
the amended
 
and restated
Plan document
 
is designed
 
in accordance
 
with applicable
 
sections of
 
the IRC.
 
Although the
 
plan document
 
has
been amended
 
since receiving
 
the determination
 
letter,
 
the
 
Plan
 
administrator believes
 
the Plan
 
is
 
designed and
currently being operated
 
in compliance with
 
the applicable requirements of
 
the IRC.
 
Therefore, no provision
 
for
income taxes has been included in the Plan’s financial statements.
Accounting principles generally accepted
 
in the United States
 
of America require Plan
 
management to evaluate tax
positions taken by the
 
Plan and recognize a
 
tax liability (or asset)
 
if the Plan
 
has taken an uncertain
 
position that,
more likely than
 
not, would not
 
be sustained upon examination
 
by the IRS.
 
The Plan administrator has
 
analyzed
the tax
 
positions taken
 
by the
 
Plan, and
 
has concluded
 
that, as
 
of December 31,
 
2022, there
 
are no
 
uncertain positions
taken or
 
expected to be
 
taken that would
 
require recognition of
 
a liability (or
 
asset) or
 
disclosure in the
 
financial
statements.
 
The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for
any tax periods in progress.
 
Note 6 – Parties-in-Interest Transactions
The Plan
 
invests in
 
shares of
 
the Company.
 
The Company
 
is the
 
Plan sponsor
 
and is,
 
therefore, by
 
definition a
party-in-interest.
 
All
 
investments
 
and
 
investment
 
transactions
 
related
 
to
 
company
 
stock
 
were
 
with
 
a
 
party-in-
interest. As of December 31, 2022 and 2021 the fair value
 
of the investment in Company stock was $103,541,463
and $74,110,725, respectively. Total dividend income received
 
during the year
 
ended December 31,
 
2022 and 2021
was $3,271,350 and $69,318,
 
respectively.
 
The Plan
 
also holds
 
notes receivable
 
from participants.
 
As a
 
result, these
 
notes receivable
 
and all
 
related transactions
were with a party-in-interest.
All of these transactions are exempt from being prohibited transactions
 
under ERISA.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
PLAN NUMBER 001
EMPLOYER IDENTIFICATION NUMBER 64-0500378
Form 5500, Schedule H, Line 4i
Schedule of Assets (Held at End of Year)
12
Description of investment including
Identity of issue, borrower,
maturity date, rate of interest,
Current
(a)
(b)
lessor or similar party
(c)
collateral, par or maturity value
(e) value
Common collective trust funds
Federated Investors
Capital Preservation Fund R6P
2,141,508
Mutual funds
BlackRock
Inflation Protected Bond Fund
1,971,628
BlackRock
Liquidity FedFund
 
3,667,992
BlackRock
Mid-Cap Growth Equity
192,305
Invesco
Growth and Income Fund
 
3,671,814
Vanguard
Small Cap Index Fund
967,305
Vanguard
Mid Cap Index Fund
 
919,127
Vanguard
500 Index Fund
8,401,907
Vanguard
Developed Markets Index Fund
 
2,981,045
Vanguard
Explorer Fund
2,464,795
MFS Family of Funds
Massachusetts Investors Growth Stock Fund
 
2,673,234
MFS Family of Funds
Total Return Bond Fund
4,057,425
MFS Family of Funds
Total Return Fund
 
2,461,386
Allspring
Special Mid Cap Value Fund
2,160,018
T. Rowe Price
Retirement I 2010 Fund
 
456,402
T. Rowe Price
Retirement I 2020 Fund
3,982,453
T. Rowe Price
Retirement I 2030 Fund
 
7,113,469
T. Rowe Price
Retirement I 2040 Fund
5,935,425
T. Rowe Price
Retirement I 2050 Fund
 
4,567,513
T. Rowe Price
Retirement I 2060 Fund
703,143
Total mutual funds
59,348,386
Column (d) not applicable for participant directed investments.
See Report of the Independent Registered Public Accounting Firm
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
PLAN NUMBER 001
EMPLOYER IDENTIFICATION NUMBER 64-0500378
Form 5500, Schedule H, Line 4i
Schedule of Assets (Held at End of Year)
13
Description of investment including
Identity of issue, borrower,
maturity date, rate of interest,
Current
(a)
(b)
lessor or similar party
(c)
collateral, par or maturity value
(e) value
Common stock
*
Cal-Maine Foods, Inc.
1,901,588 shares of common stock,
$.01 par value
$
103,541,463
*
Participant loans
Interest rates from 4.25% to 8.0% with
maturity dates from January 2023
through August 2037
3,588,441
Total
$
168,619,798
* Party-in-interest
Column (d) not applicable for participant directed investments.
See Report of the Independent Registered Public Accounting Firm
 
 
14
SIGNATURE
Pursuant to the requirements
 
of the Securities
 
Exchange Act of
 
1934,
 
the trustees (or
 
other persons who
 
administer
the
 
employee
 
benefit
 
plan)
 
have
 
duly
 
caused
 
this
 
annual
 
report
 
to
 
be
 
signed
 
on
 
its
 
behalf
 
by
 
the
 
undersigned
hereunto duly authorized.
CAL-MAINE FOODS, INC. KSOP
Date:
June 20, 2023
/s/ Jim Golden
Jim Golden
Director of Human Resources
 
 
 
15
EXHIBIT INDEX
Exhibit
Number
Description
.1