11-K 1 calm11k.htm 11-K calm11k
 
 
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, 2020
 
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 – 11
SUPPLEMENTAL SCHEDULE:
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End
 
of Year) as of
December 31 2020
12 – 13
SIGNATURE
14
 
 
 
 
2
Report of the 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, 2020 and 2019, the related statement of changes in net assets available for
benefits for
 
the years then
 
ended, and
 
the related notes
 
(collectively, 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,
 
2020
 
and
 
2019,
 
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,
2020
 
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, 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 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 25, 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAL-MAINE FOODS, INC. KSOP
Statement of Net Assets Available for Benefits
December 31, 2020 and 2019
 
4
2020
2019
Assets
Investments, at fair value
$
142,480,157
$
144,088,776
Notes receivable from participants
2,949,841
3,112,662
Net assets available for benefits
$
145,429,998
$
147,201,438
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, 2020 and 2019
5
2020
2019
Additions
Investment income
Interest and dividend income
Interest
$
16,917
$
43,304
Dividends
1,847,606
2,753,425
Total interest and dividend income
1,864,523
2,796,729
Net change in fair value of investments
(5,053,377)
8,773,199
Total investment income (loss)
(3,188,854)
11,569,928
Interest income on notes receivable from participants
158,806
164,692
Contributions
Employer contributions
3,696,021
3,490,908
Participant contributions
4,430,654
3,799,078
Rollover
166,369
58,596
Total contributions
8,293,044
7,348,582
Total additions
5,262,996
19,083,202
Deductions
Benefits paid to participants
6,885,687
12,773,649
Administrative expenses
148,749
131,103
Total deductions
7,034,436
12,904,752
Net increase (decrease) in net assets available for benefits
(1,771,440)
6,178,450
Net assets available for benefits - beginning of year
147,201,438
141,022,988
Net assets available for benefits - end of year
$
145,429,998
$
147,201,438
See accompanying notes to the final statements
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2020 and 2019
 
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”).
 
 
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,
 
2020 and
 
2019.
 
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, 2020
 
or 2019.
 
Contributions are
 
subject to
 
certain Internal
Revenue Service (“IRS”) limitations.
 
 
Participant accounts
 
Each
 
participant’s
 
account
 
is
 
credited
 
with
 
the
 
participant
 
contributions
 
and
 
an
 
allocation
 
of
 
(a)
 
the
 
Company’s
contributions, (b) Plan earnings/losses, and is charged with applicable withdrawals and an allocation of 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
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.
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2020 and 2019
 
7
 
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
 
via internet
 
or
 
direct
 
phone access
 
to
 
the
 
SunTrust
Benefits Service Center.
 
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, 2020 and 2019
 
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, 2020 and 2019
 
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, 2020 or 2019:
 
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, 2020 and 2019
 
10
The following table sets forth the Plan’s assets at fair value.
 
 
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
December 31, 2019
Level 1
Level 2
Level 3
Total
Assets
Cal-Maine Foods, Inc. common stock
$
88,894,015
$
$
$
88,894,015
Interest-bearing cash
4,795,649
4,795,649
Mutual funds
49,023,778
49,023,778
Total assets measured at fair value
$
142,713,442
$
$
$
142,713,442
Investments measured at net asset value*
1,375,334
Investment at fair value
$
144,088,776
 
*
 
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, 2020
Common collective trust fund
$
1,190,909
N/A
Daily
None
December 31, 2019
Common collective trust fund
$
1,375,334
N/A
Daily
None
 
 
Note 4 – Risks and Uncertainties
 
CAL-MAINE FOODS, INC. KSOP
Notes to Financial Statements
December 31, 2020 and 2019
 
11
There is
 
a high
 
concentration of
 
the Company's
 
stock owned
 
by the
 
Plan.
 
As of
 
December 31,
 
2020 and
 
2019,
approximately 53% and 60% of the Plan's assets were invested
 
in the Company's common stock, respectively.
 
 
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.
 
Since
 
early
 
2020,
 
the
 
coronavirus
 
(“COVID-19”)
 
outbreak,
 
characterized
 
as
 
a
 
pandemic
 
by
 
the
 
World
 
Health
Organization
 
on
 
March
 
11,
 
2020,
 
has
 
caused
 
significant
 
disruptions
 
in
 
international
 
and
 
U.S.
 
economies
 
and
markets.
 
As
 
a
 
result
 
of
 
the
 
spread
 
of
 
COVID-19
 
coronavirus,
 
economic
 
uncertainties
 
have
 
arisen
 
which
 
have
resulted
 
in
 
significant volatility
 
in
 
the
 
investment markets.
 
The
 
duration
 
of
 
these
 
uncertainties and
 
the
 
ultimate
financial effects cannot be reasonably estimated at this time.
 
Note 5 – Tax Status
 
The IRS has determined and informed the
 
Company by a letter dated July 12,
 
2012 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,
 
2020, 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
 
Party-in-interest
 
transactions include
 
those
 
with
 
fiduciaries
 
or
 
employees
 
of
 
the
 
Plan,
 
any
 
person
 
who
 
provides
services to the Plan,
 
an employer whose
 
employees are covered
 
by the Plan, a
 
person who owns 50
 
percent or more
of such an employer,
 
or relatives of such persons.
 
The Plan incurs expenses related to
 
general administrative and
record keeping. The
 
Company pays
 
certain administrative
 
expenses and accounting
 
and auditing fees
 
relating to the
Plan and provides certain administrative services at no cost to the plan
 
The
 
Plan
 
invests
 
in
 
an
 
interest-bearing
 
cash
 
account
 
with
 
the
 
trustee,
 
SunTrust
 
Bank.
 
During
 
the
 
years
 
ended
December 31, 2020
 
and 2019,
 
the Plan
 
paid SunTrust
 
Bank for
 
its services.
 
These expenses
 
are included
 
in the
Statement of Changes in Net Assets Available for Benefits.
 
 
As of December 31, 2020 and 2019, the Plan held 2,043,893 and 2,079,392 shares of common stock
 
of Cal-Maine
Foods, Inc. respectively.
 
In addition, notes receivables from participants also reflect party-in-interest
 
transactions.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
Interest-bearing cash
*
SunTrust Bank
FDIC Insured Account
$
5,548,940
Common collective trust funds
Federated Investors
Capital Preservation Fund R6P
1,190,909
Mutual funds
BlackRock
Inflation Prted Bd BlackRock K
1,538,731
BlackRock
Mid-Cap Growth Equity K
286,044
Vanguard
Small Cap Index Fund - Admiral
895,240
Vanguard
Mid Cap Index Adm
806,293
Vanguard
500 Index Fund - Admiral
9,927,920
Vanguard
Developed Markets Index Admiral
2,997,665
Janus
Triton N
3,492,798
MFS Family of Funds
Massachusetts Investors Gr Stk R6
2,958,551
MFS Family of Funds
Total Return Bond R6
2,901,052
MFS Family of Funds
Total Return R6
2,411,227
Wells Fargo
Spec Md Cp Val
 
R6
2,300,243
T. Rowe Price
Retirement I 2010 Fund I Class
2,062,170
T. Rowe Price
Retirement I 2020 Fund I Class
5,373,214
T. Rowe Price
Retirement I 2030 Fund I Class
7,933,425
T. Rowe Price
Retirement I 2040 Fund I Class
5,263,165
T. Rowe Price
Retirement I 2050 Fund I Class
3,734,716
T. Rowe Price
Retirement I 2060 Fund I Class
298,636
Invesco
Growth and Income R6
3,831,460
Total mutual funds
59,012,550
* 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.
2,043,893 shares of common stock,
$.01 par value
$
76,727,758
*
Participant loans
Interest rates from 4.25% to 6.50% with
maturity dates from January 2021
through November 2033
2,949,841
Total
$
145,429,998
* 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 25, 2021
/s/ Jim Golden
Jim Golden
Director of Human Resources
 
 
 
15
EXHIBIT INDEX
 
Exhibit
Number
Description