11-K 1 fy2111k.htm 11-K fy2111k
 
 
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, 2021
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,
 
2021
 
and
 
2020,
 
the
 
related
 
statement
 
of
 
changes
 
in
 
net
 
assets
 
available
 
for
benefits for the
 
years then ended,
 
and the related notes
 
(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,
 
2021 and
 
2020, 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.
Supplemental Information
The supplemental information in the accompanying schedule
 
of assets (held at end
 
of year) as of December
 
31,
2021 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
3
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 27, 2022
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
Statement of Net Assets Available
 
for Benefits
December 31, 2021 and 2020
4
2021
2020
Assets
Investments, at fair value
$
148,162,481
$
142,480,157
Notes receivable from participants
2,803,857
2,949,841
Net assets available for benefits
$
150,966,338
$
145,429,998
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, 2021 and 2020
5
2021
2020
Additions
Investment income
Interest and dividend income
Interest
$
178
$
16,917
Dividends
3,790,792
1,847,606
Total interest and dividend income
3,790,970
1,864,523
Net change in fair value of investments
5,303,855
(5,053,377)
Total investment income (loss)
9,094,825
(3,188,854)
Interest income on notes receivable from participants
135,397
158,806
Contributions
Employer contributions
3,839,875
3,696,021
Participant contributions
5,134,489
4,430,654
Rollover
514,287
166,369
Total contributions
9,488,651
8,293,044
Total additions
18,718,873
5,262,996
Deductions
Benefits paid to participants
14,175,804
6,885,687
Administrative expenses
176,043
148,749
Total deductions
14,351,847
7,034,436
Net increase (decrease) in net assets available for benefits
4,367,026
(1,771,440)
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
145,429,998
147,201,438
Net assets available for benefits - end of year
$
150,966,338
$
145,429,998
See accompanying notes to the final statements
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2021 and 2020
 
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
who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
 
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, 2021
 
and 2020.
 
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, 2021
 
or 2020.
 
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.
 
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
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2021 and 2020
 
7
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
$1,000 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.
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.
 
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.
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2021 and 2020
 
8
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.
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
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2021 and 2020
 
9
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, 2021 or 2020:
Interest-bearing cash
:
 
This investment is valued at historical cost, which approximates fair value.
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
:
 
These investments
 
are 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, 2021 and 2020
 
10
The following table sets forth the Plan’s assets at fair value.
 
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
December 31, 2020
Level 1
Level 2
Level 3
Total
Assets
Cal-Maine Foods, Inc. common stock
$
76,727,758
$
—
$
—
$
76,727,758
Interest-bearing cash
5,548,940
—
—
5,548,940
Mutual funds
59,012,550
—
—
59,012,550
Total assets measured at fair value
$
141,289,248
$
—
$
—
$
141,289,248
Investments measured at net asset value*
1,190,909
Investment at fair value
$
142,480,157
*
 
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, 2021
Common collective trust fund
$
1,413,840
N/A
Daily
None
December 31, 2020
Common collective trust fund
$
1,190,909
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,
 
2021 and
 
2020,
approximately 49% and 53% 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, 2021 and 2020
 
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.
 
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,
 
2021, 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
As of
 
December 31,
 
2020 the
 
Plan was
 
invested in
 
an interest-bearing
 
cash account
 
in the
 
amount of
 
$5,548,940
with the previous trustee and third party administrator, SunTrust Bank (now Truist) (“Truist”). As trustee and third
party
 
administrator
 
of
 
the
 
Plan,
 
Truist
 
is
 
by
 
definition
 
a
 
party-in-interest
 
and
 
all
 
investments
 
and
 
investment
transactions with Truist were with a party-in-interest.
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, 2021
 
and 2020
 
the fair value
 
of the
 
investment in Company
 
stock was $74,110,725
and
 
$76,727,758,
 
respectively.
 
Total
 
dividend
 
income
 
received
 
during
 
the
 
year
 
ended
 
December
 
31,
 
2021
 
was
$69,318.
 
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
1,413,840
Mutual funds
Allspring
Special Mid Cap Value
 
R6
2,607,808
BlackRock
Inflation Prted Bd BlackRock K
2,063,596
BlackRock
Liquidity Fedfund Instl
4,190,446
BlackRock
Mid-Cap Growth Equity K
527,317
Invesco
Growth and Income R6
4,659,996
MFS Family of Funds
Massachusetts Investors Gr Stk R6
3,558,629
MFS Family of Funds
Total Return Bond R6
4,219,973
MFS Family of Funds
Total Return R6
3,229,078
T. Rowe Price
Retirement I 2010 Fund I Class
529,186
T. Rowe Price
Retirement I 2020 Fund I Class
4,746,637
T. Rowe Price
Retirement I 2030 Fund I Class
8,909,880
T. Rowe Price
Retirement I 2040 Fund I Class
6,948,385
T. Rowe Price
Retirement I 2050 Fund I Class
5,090,000
T. Rowe Price
Retirement I 2060 Fund I Class
679,503
Vanguard
500 Index Fund - Admiral
11,516,806
Vanguard
Developed Markets Index Admiral
3,269,747
Vanguard
Explorer Adm
3,481,746
Vanguard
Mid Cap Index Adm
1,135,857
Vanguard
Small Cap Index Fund - Admiral
1,273,326
Total mutual funds
72,637,916
* Party-in-interest
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.
2,003,534 shares of common stock,
$.01 par value
$
74,110,725
*
Participant loans
Interest rates from 4.25% to 6.5% with
maturity dates from January 2022
through January 2035
2,803,857
Total
$
150,966,338
* 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 27, 2022
/s/ Jim Golden
Jim Golden
Director of Human Resources
 
 
 
15
EXHIBIT INDEX
Exhibit
Number
Description
.1