Company Quick10K Filing
Cal-Maine Foods
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 49 $2,155
10-Q 2020-01-06 Quarter: 2019-11-30
10-Q 2019-09-30 Quarter: 2019-08-31
10-K 2019-07-22 Annual: 2019-06-01
10-Q 2019-04-01 Quarter: 2019-03-02
10-Q 2019-01-04 Quarter: 2018-12-01
10-Q 2018-10-01 Quarter: 2018-09-01
10-K 2018-07-23 Annual: 2018-06-02
10-Q 2018-04-02 Quarter: 2018-03-03
10-Q 2018-01-05 Quarter: 2017-12-02
10-Q 2017-10-02 Quarter: 2017-09-02
10-K 2017-07-24 Annual: 2017-06-03
10-Q 2017-03-27 Quarter: 2017-02-25
10-Q 2016-12-22 Quarter: 2016-11-26
10-Q 2016-09-26 Quarter: 2016-08-27
10-K 2016-07-18 Annual: 2016-05-28
10-Q 2016-03-28 Quarter: 2016-02-27
10-Q 2015-12-23 Quarter: 2015-11-28
10-Q 2015-09-29 Quarter: 2015-08-29
10-K 2015-07-20 Annual: 2015-05-30
10-Q 2015-03-30 Quarter: 2015-02-28
10-Q 2014-12-29 Quarter: 2014-11-29
10-Q 2014-09-29 Quarter: 2014-08-30
10-K 2014-07-28 Annual: 2014-05-31
10-Q 2014-03-31 Quarter: 2014-03-01
10-Q 2013-10-03 Quarter: 2013-08-31
10-K 2013-08-05 Annual: 2013-06-01
10-Q 2013-04-05 Quarter: 2013-03-02
10-Q 2013-01-08 Quarter: 2012-12-01
10-Q 2012-10-04 Quarter: 2012-09-01
10-K 2012-08-06 Annual: 2012-06-02
10-Q 2012-03-30 Quarter: 2012-02-25
10-Q 2011-12-30 Quarter: 2011-11-26
10-Q 2011-09-30 Quarter: 2011-08-27
10-K 2011-08-04 Annual: 2011-05-28
10-Q 2011-03-31 Quarter: 2011-02-26
10-Q 2010-12-30 Quarter: 2010-11-27
10-Q 2010-09-30 Quarter: 2010-08-28
10-K 2010-08-02 Annual: 2010-05-29
10-Q 2010-03-31 Quarter: 2010-02-27
10-Q 2010-01-05 Quarter: 2009-11-28
8-K 2020-01-06 Earnings, Exhibits
8-K 2019-11-20 Other Events, Exhibits
8-K 2019-10-16
8-K 2019-10-04 Shareholder Vote
8-K 2019-09-30 Earnings, Exhibits
8-K 2019-07-22 Earnings, Exhibits
8-K 2019-04-01 Earnings, Exhibits
8-K 2019-01-04 Earnings, Exhibits
8-K 2018-10-05 Officers, Shareholder Vote, Exhibits
8-K 2018-10-01 Earnings, Exhibits
8-K 2018-07-23 Earnings, Exhibits
8-K 2018-07-20 Enter Agreement, Control, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-07-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-05 Officers, Exhibits
8-K 2018-06-05 Enter Agreement, Control, Amend Bylaw, Other Events, Exhibits
8-K 2018-04-16 Other Events, Exhibits
8-K 2018-04-02 Earnings, Exhibits
8-K 2018-03-30 Officers, Exhibits
8-K 2018-01-05 Earnings, Exhibits
CALM 2019-11-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Acquisition
Note 3 - Inventories
Note 4 - Investment Securities
Note 5 - Fair Value Measurements
Note 6 - Leases
Note 7 - Accrued Dividends Payable and Dividends per Common Share
Note 8 - Equity
Note 9 - Revenue Recognition
Note 10 - Stock Based Compensation
Note 11 - Net Income (Loss) per Common Share
Note 12 - Commitment and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit3112q20.htm
EX-31.2 exhibit3122q20.htm
EX-32 exhibit322q20.htm

Cal-Maine Foods Earnings 2019-11-30

CALM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SITE 2,894 1,531 1,184 2,223 728 68 171 3,509 33% 20.5 4%
CALM 2,155 1,097 153 1,262 145 -4 48 2,108 11% 43.6 -0%
BV 1,924 2,916 1,661 1,780 632 8 220 3,090 36% 14.0 0%
CVGW 1,651 413 114 1,184 126 30 56 1,652 11% 29.5 7%
UVV 1,509 2,178 826 2,134 388 101 170 1,711 18% 10.1 5%
VGR 1,357 1,455 2,062 1,919 600 90 320 2,476 31% 7.7 6%
FDP 1,326 3,419 1,596 4,509 285 23 174 1,310 6% 7.5 1%
ANDE 904 3,572 2,551 5,800 418 38 180 1,900 7% 10.6 1%
AGRO 790 2,277 1,169 0 0 0 0 593 0%
LMNR 338 416 177 150 0 -5 6 449 0% 75.2 -1%

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Index 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM 10-Q
(mark one)

 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended November 30, 2019

OR

 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________


Commission File Number:  000-04892

CAL-MAINE FOODS, INC.
(Exact name of registrant as specified in its charter)

Delaware 64-0500378
(State or other jurisdiction of incorporation or organization) (I.R.S Employer Identification No.)

3320 Woodrow Wilson Avenue, Jackson, Mississippi  39209
(Address of principal executive offices) (Zip Code)

(601) 948-6813
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareCALMThe NASDAQ Global Select Market


Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Index 
Large Accelerated filer
Accelerated filer 
Non – Accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes    No 
There were 43,893,117 shares of Common Stock, $0.01 par value, and 4,800,000 shares of Class A Common Stock, $0.01 par value, outstanding as of January 6, 2020.


Index 
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
FOR THE QUARTER ENDED NOVEMBER 30, 2019
    Page Number
Part I.    
     
Item 1.   
     
   
     
   
     
   
     
   
     
   
     
Item 2.  
     
Item 3.  
     
Item 4.  
     
Part II.    
     
Item 1.  
     
Item 1A.  
     
Item 2.  
     
Item 6.  
    
   



Index 
PART I.  FINANCIAL INFORMATION
ITEM 1.   FINANCIAL STATEMENTS
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for par value amounts)
November 30, 2019June 1, 2019
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$11,248  $69,247  
Investment securities available-for-sale123,275  250,181  
Trade and other receivables (less allowance for doubtful accounts of
$358 and $206 at November 30, 2019 and June 1, 2019, respectively)
118,046  71,760  
Inventories190,968  172,237  
Prepaid expenses and other current assets5,301  4,328  
Total current assets448,838  567,753  
Property, plant & equipment, net531,443  455,347  
Finance lease right-of-use asset, net755  947  
Operating lease right-of-use asset, net2,014  —  
Investments in unconsolidated entities64,297  67,554  
Goodwill35,525  35,525  
Intangible assets, net24,336  23,762  
Other long-term assets4,072  5,390  
TOTAL ASSETS$1,111,280  $1,156,278  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses$102,001  $73,211  
Current maturities of long-term debt  1,500  
Current portion of finance lease obligation201  196  
Current portion of operating lease obligation646  —  
Total current liabilities102,848  74,907  
Long-term finance lease obligation756  858  
Long-term operating lease obligation1,367  —  
Other noncurrent liabilities7,674  8,110  
Deferred income taxes64,342  82,597  
Total liabilities176,987  166,472  
Commitment and contingencies - see Note 12
Stockholders’ equity:
Common stock, $0.01 par value, 120,000 authorized and 70,261 shares issued at
November 30, 2019 and June 1, 2019, respectively, and 43,893 and 43,895
shares outstanding at November 30, 2019 and June 1, 2019, respectively703  703  
Class A convertible common stock, $0.01 par value, 4,800 shares authorized,
issued and outstanding at November 30, 2019 and June 1, 201948  48  
Paid-in capital58,652  56,857  
Retained earnings900,485  954,527  
Accumulated other comprehensive income (loss),net of tax(269) 355  
Common stock in treasury at cost – 26,368 and 26,366 shares at
November 30, 2019 and June 1, 2019(25,888) (25,866) 
Total Cal-Maine Foods, Inc. stockholders’ equity933,731  986,624  
Noncontrolling interest in consolidated entities562  3,182  
Total stockholders’ equity934,293  989,806  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,111,280  $1,156,278  

See Notes to Condensed Consolidated Financial Statements.
2

Index 
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
13 Weeks Ended26 Weeks Ended
November 30, 2019December 1, 2018November 30, 2019December 1, 2018
Net sales$311,522  $356,040  $552,688  $696,623  
Cost of sales282,147  285,505  544,438  568,960  
Gross profit29,375  70,535  8,250  127,663  
Selling, general and administrative45,728  45,231  88,203  89,741  
(Gain) loss on disposal of fixed assets212  (30) 82  (89) 
Operating income (loss)(16,565) 25,334  (80,035) 38,011  
Other income (expense):
Interest income, net1,140  1,688  2,825  3,473  
Royalty income348  719  759  1,220  
Equity in income (loss) of affiliates(454) 909  (908) 2,338  
Other, net482  124  1,818  225  
Total other income, net1,516  3,440  4,494  7,256  
Income (loss) before income taxes and noncontrolling interest(15,049) 28,774  (75,541) 45,267  
Income tax (benefit) expense(4,863) 6,768  (19,634) 10,518  
Net income (loss) before noncontrolling interest(10,186) 22,006  (55,907) 34,749  
Less: Income (loss) attributable to noncontrolling interest(125) 199  (86) 537  
Net income (loss) attributable to Cal-Maine Foods, Inc.$(10,061) $21,807  $(55,821) $34,212  
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.:
Basic$(0.21) $0.45  $(1.15) $0.71  
Diluted$(0.21) $0.45  $(1.15) $0.71  
Weighted average shares outstanding:
Basic48,447  48,391  48,447  48,390  
Diluted48,447  48,534  48,447  48,525  

See Notes to Condensed Consolidated Financial Statements.
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
13 Weeks Ended26 Weeks Ended
November 30, 2019December 1, 2018November 30, 2019December 1, 2018
Net income (loss), including noncontrolling interests$(10,186) $22,006  $(55,907) $34,749  
Other comprehensive loss, before tax:
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments(241) (717) (825) (250) 
Income tax benefit related to items of other comprehensive income59  175  201  61  
Other comprehensive loss, net of  tax(182) (542) (624) (189) 
Comprehensive income (loss)(10,368) 21,464  (56,531) 34,560  
Less: comprehensive income (loss) attributable to the noncontrolling interest(125) 199  (86) 537  
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc.$(10,243) $21,265  $(56,445) $34,023  

See Notes to Condensed Consolidated Financial Statements.
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
26 Weeks Ended
November 30, 2019December 1, 2018
Operating activities:
Net income (loss) including noncontrolling interest$(55,907) $34,749  
Depreciation and amortization27,571  27,229  
Impairment loss on property, plant & equipment2,919    
Other adjustments, net(48,855) (34,290) 
Net cash provided by (used in) operations(74,272) 27,688  
Investing activities:
Purchases of investment securities(10,116) (78,564) 
Sales and maturities of investment securities137,160  108,274  
Investment in unconsolidated entities  (4,272) 
Distributions from unconsolidated entities2,357  4,456  
Acquisition of business(44,515) (17,889) 
Purchases of property, plant and equipment(68,106) (18,972) 
Net proceeds from disposal of property, plant and equipment1,866  454  
Net cash provided by (used in) investing activities18,646  (6,513) 
Financing activities:
Purchase of common stock by treasury(21) (6) 
Distributions to noncontrolling interests(755)   
Principal payments on long-term debt(1,500) (2,185) 
Principal payments on finance lease(97)   
Payment of dividends  (21,210) 
Net cash used in financing activities(2,373) (23,401) 
Net change in cash and cash equivalents(57,999) (2,226) 
Cash and cash equivalents at beginning of period69,247  48,431  
Cash and cash equivalents at end of period$11,248  $46,205  
Supplemental Information:
Cash paid for operating leases$398  $—  
Interest paid$91  $130  

See Notes to Condensed Consolidated Financial Statements.

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
November 30, 2019
(unaudited)
Note 1 - Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements of Cal-Maine Foods, Inc. and its subsidiaries (the "Company," "we," "us," "our") have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Therefore, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States of America for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended June 1, 2019. These statements reflect all adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and, in the opinion of management, consist of adjustments of a normal recurring nature. Operating results for the interim periods are not necessarily indicative of operating results for the entire fiscal year.

Fiscal Year

The Company's fiscal year-end is on the Saturday nearest May 31. Each of the three-month periods and year-to-date periods ended on November 30, 2019 and December 1, 2018 included 13 and 26 weeks, respectively.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Leases

The Company determines if an arrangement is a lease at inception of the arrangement and classifies it as an operating lease or finance lease. We recognize the right to use an underlying asset for the lease term as a right-of-use (ROU) asset on our balance sheet. A lease liability is recorded to represent our obligation to make lease payments over the term of the lease. These assets and liabilities are included in our Condensed Consolidated Balance Sheet in Finance lease right-of-use asset, Operating lease right-of-use asset, Current portion of finance lease obligation, Current portion of operating lease obligation, Long-term finance lease obligation, and Long-term operating lease obligation.
The Company records ROU assets and lease obligations based on the discounted future minimum lease payments over the term of the lease. When the rate implicit in the lease is not easily determinable, the Company’s incremental borrowing rate is used to calculate the present value of the future lease payments. The Company elected not to recognize ROU assets and lease obligations for leases with an initial term of 12 months or less. Lease expense for operating leases is recognized on a straight-line basis over the lease term.
Nature of Leases
The company leases certain office spaces, trucks, processing machines, and equipment to support our operations under cancelable and non-cancelable contracts.
Corporate and Field Offices
We lease office space for administrative employees at some of our farms. These contracts are typically structured with initial non-cancelable terms of three to ten years. To the extent our corporate and field office contracts include
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renewal options, we evaluate whether we are reasonably certain to exercise those options on a contract by contract basis based on expected future office space needs.
Trucks
We assumed several non-cancelable operating leases for trucks from a prior acquisition. The initial terms on these leases ranged from five to seven years. We do not intend to exercise renewal options beyond the initial term.
Processing machines and other equipment
We lease a processing machine through a finance lease arrangement assumed in an acquisition. The lease contains a purchase option at the end of the term that we intend to exercise. The company leases various pieces of equipment such as forklifts, pallet jacks, and other items in support of operations. These leases are cancelable and non-cancelable with terms ranging from one month to five years.
Recently Adopted Accounting Standards
In February 2016, the FASB issued ASU 2016-02, Leases. The purpose of the standard is to improve transparency and comparability related to the accounting and reporting of leasing arrangements. The new standard establishes a ROU model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations.
The effective date for the new standard, for the Company, was June 2, 2019 and the Company adopted the new standard on that date. The Company elected a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either its effective date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We used June 2, 2019 as the date of initial application. If an entity chooses the second option, the transition requirements for existing leases apply to leases entered into between the date of initial application and the effective date. The entity must recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. Because the Company chose the first option, the Company has not recast its comparative period financial statements.  In connection with adopting the new standard, the Company reclassified its presentation of finance lease obligations and property in the financial statements for all periods presented.
The new standard provides a number of optional practical expedients in transition. The Company elected practical expedients which permit us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs.
The new standard provides practical expedients for an entity’s initial and ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. For the leases that qualify, we do not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all of our leases.
Implementation of the new standard did not have a material effect on our financial statements. See Note 6 for additional information.
Reclassification
Certain reclassifications were made to the fiscal 2019 financial statements to conform to the fiscal 2020 financial statement presentation. These reclassifications had no effect on income




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Note 2 - Acquisition

Effective on October 20, 2019, the Company acquired certain assets of Mahard Egg Farm (Mahard), relating to its commercial shell egg production, processing, distribution and sales for $45.5 million. Upon satisfaction of certain post-closing covenants, an additional $1 million dollars will be paid to the seller. The acquired assets include facilities with current capacity for approximately 3.9 million laying hens and permitted capacity for up to 8.0 million laying hens, a feed mill, pullet raising facilities and related production facilities located in Chillicothe, Texas, and Nebo, Oklahoma, and a distribution warehouse located in Gordonville, Texas. Mahard owned equity interests in the Company's majority owned subsidiary, Texas Egg Products, LLC (TEP). As a result of the acquisition, the Company now owns 93.2% of TEP. The acquired operations of Mahard are included in the accompanying financial statements as of October 20, 2019. Acquisition related costs incurred during the period were immaterial to the financial statements.

Pending the finalization of the Company's valuation, the following table summarizes the preliminary aggregate purchase price allocation for Mahard (in thousands):


Inventory$5,276  
Property, plant and equipment38,433  
Customer list and non-compete agreement2,000  
Liabilities assumed(194) 
Purchase price45,515  
Deferred purchase price(1,000) 
Cash consideration paid$44,515  



Note 3 - Inventories

Inventories consisted of the following (in thousands):
November 30, 2019June 1, 2019
Flocks, net of amortization$111,436  $105,536  
Eggs and egg products20,938  14,318  
Feed and supplies58,594  52,383  
$190,968  $172,237  

We grow and maintain flocks of layers (mature female chickens), pullets (female chickens, under 18 weeks of age), and breeders (male and female chickens used to produce fertile eggs to hatch for egg production flocks). Our total flock at November 30, 2019 consisted of approximately 10.0 million pullets and breeders and 40.8 million layers.

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Note 4 - Investment Securities

The following represents the Company’s investment securities as of November 30, 2019 and June 1, 2019 (in thousands):
November 30, 2019Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
US government and agency obligations$10,583  $54  $  $10,637  
Municipal bonds25,310  112    25,422  
Corporate bonds84,280  328    84,608  
Certificates of deposits1,004      1,004  
Asset backed securities1,593  11    1,604  
Total current investment securities$122,770  $505  $  $123,275  
Mutual funds$1,760  $833  $  $2,593  
Total noncurrent investment securities$1,760  $833  $  $2,593  

June 1, 2019Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
US government and agency obligations$30,896  $78  $  $30,974  
Municipal bonds50,220  133    50,353  
Commercial paper9,953    8  9,945  
Corporate bonds147,068  94    147,162  
Certificates of deposits6,149    1  6,148  
Asset backed securities5,589  10    5,599  
Total current investment securities$249,875  $315  $9  $250,181  
Mutual funds$2,331  $1,026  $  $3,357  
Total noncurrent investment securities$2,331  $1,026  $  $3,357  

Available-for-sale
Proceeds from sales and maturities of investment securities available-for-sale were $137.2 million and $108.3 million during the twenty-six weeks ended November 30, 2019 and December 1, 2018, respectively. Gross realized gains for the twenty-six weeks ended November 30, 2019 and December 1, 2018 were $162,000 and $1,000, respectively.  Gross realized losses for the twenty-six weeks ended November 30, 2019 and December 1, 2018 were $6,000 and $26,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without penalties.  Contractual maturities of current investments at November 30, 2019, are as follows (in thousands):
Estimated Fair Value
Within one year$88,703  
1-5 years34,572  
Total$123,275  


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Noncurrent
The mutual funds are classified as “Other long-term assets” in the Company’s Condensed Consolidated Balance Sheets. Gains and losses are recognized in other income (expenses) as Other, net in the Company's Condensed Consolidated Statements of Operations.

Proceeds from sales and maturities of noncurrent investment securities were $1.2 million and $84,000 during the twenty-six weeks ended November 30, 2019 and December 1, 2018, respectively. Gross realized gains for the twenty-six weeks ended November 30, 2019 and December 1, 2018 were $611,000 and $48,000, respectively.  There were no realized losses for the twenty-six weeks ended November 30, 2019 and December 1, 2018. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

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Note 5 - Fair Value Measurements

The Company 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
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 disclosures of fair value of certain financial assets and liabilities that are recorded at cost are as follows:
Cash and cash equivalents: The carrying amount approximates fair value due to the short maturity of these instruments.

Long-term debt: The carrying value of the Company’s long-term debt is at its stated value.  We have not elected to carry our long-term debt at fair value.  Fair values for debt are based on quoted market prices or published forward interest rate curves, which are level 2 inputs. The fair value and carrying value of the Company’s borrowings under its long-term debt were as follows (in thousands):
November 30, 2019June 1, 2019
Carrying ValueFair ValueCarrying ValueFair Value
Liabilities
Note payable$  $  $1,500  $1,501  
Finance lease obligations957  867  1,054  940  
Total liabilities measured at fair value$957  $867  $2,554  $2,441  

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Assets and Liabilities Measured at Fair Value on a Recurring Basis
In accordance with the fair value hierarchy described above, the following table shows the fair value of financial assets and liabilities measured at fair value on a recurring basis as of November 30, 2019 and June 1, 2019 (in thousands):
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Total
November 30, 2019Level 1Level 2Level 3Balance
Assets
US government and agency obligations$  $10,637  $  $10,637  
Municipal bonds  25,422    25,422  
Corporate bonds  84,608    84,608  
Certificates of deposits  1,004    1,004  
Asset backed securities  1,604    1,604  
Mutual funds2,593      2,593  
Total assets measured at fair value$2,593  $123,275  $  $125,868  
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June 1, 2019Level 1Level 2Level 3Balance
Assets
US government and agency obligations$  $30,974  $  $30,974  
Municipal bonds  50,353    50,353  
Commercial paper  9,945    9,945  
Corporate bonds  147,162    147,162  
Certificates of deposits  6,148    6,148  
Asset backed securities  5,599    5,599  
Mutual funds3,357      3,357  
Total assets measured at fair value$3,357  $250,181  $  $253,538  

Investment securities – available-for-sale have maturities of three months or longer when purchased, and are classified as current, because they are available for current operations. Observable inputs for these securities are yields, credit risks, default rates, and volatility.

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Note 6 - Leases

Expenses related to operating leases, amortization of finance lease ROU assets and finance lease interest are included in Cost of sales, Selling general and administrative expense, and Interest income, net in the Condensed Consolidated Statements of Operations. The Company’s lease cost consists of the following (in thousands):
13 Weeks Ended November 30, 201926 Weeks Ended November 30, 2019
Operating Lease cost$201  $398  
Finance Lease cost
Amortization of right-of-use asset$39  $77  
Interest on lease obligations$11  $23  
Short term lease cost$1,294  $1,728  

Future minimum lease payments under non-cancelable leases are as follows (in thousands):