XML 40 R45.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 10 - Debt (Details) (USD $) |  |  |  | 3 Months Ended | 9 Months Ended |  |  | 1 Months Ended |  |  | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |  | 9 Months Ended |  | 1 Months Ended | 9 Months Ended |  | 1 Months Ended
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Feb. 23, 2014 | May 26, 2013 | May 23, 2012 | Feb. 23, 2014 GE [Member] Amortization of Loan Origination Fees [Member] | Feb. 24, 2013 GE [Member] Amortization of Loan Origination Fees [Member] | Feb. 23, 2014 GE [Member] Amortization of Loan Origination Fees [Member] | Feb. 24, 2013 GE [Member] Amortization of Loan Origination Fees [Member] | Feb. 23, 2014 GE [Member] | May 26, 2013 GE [Member] | Apr. 23, 2012 Apio [Member] | Feb. 23, 2014 Apio [Member] | May 26, 2013 Apio [Member] | Feb. 23, 2014 Apio [Member] | Feb. 23, 2014 Lifecore [Member] Amortization of Loan Origination Fees [Member] | Feb. 23, 2014 Lifecore [Member] Amortization of Loan Origination Fees [Member] | Aug. 26, 2012 Lifecore [Member] | Feb. 23, 2014 Lifecore [Member] | May 26, 2013 Lifecore [Member] | Feb. 23, 2014 Remarketing Fee [Member] | Feb. 23, 2014 Annual Fees [Member] | Feb. 23, 2014 Term Loan [Member] | May 23, 2012 Working Capital Line of Credit [Member] | Feb. 23, 2014 Working Capital Line of Credit [Member] | May 26, 2013 Working Capital Line of Credit [Member] | May 23, 2012 Term Loan [Member]
Note 10 - Debt (Details) [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility Term |  |  |  |  |  |  |  |  |  | 5 years |  |  |  |  |  |  |  |  |  |  |  | 1 year |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  |  |  |  |  |  |  |  | $ 25,000,000 |  |  |  |  |  |  |  |  |  |  |  | $ 10,000,000 |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  |  |  |  |  |  | 2.00% |  |  |  |  |  |  |  |  |  |  |  | 1.85% |  |  | 2.00%
Line of Credit Facility, Remaining Borrowing Capacity |  |  |  |  |  |  |  |  |  |  | 19,200,000 |  |  |  |  |  |  |  |  |  |  |  | 9,400,000 |  |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |  |  |  |  |  |  |  |  |  | 0.375% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Amount Outstanding |  |  |  |  |  |  |  |  |  |  | 0 | 4,000,000 |  |  |  |  |  |  |  |  |  |  | 0 | 0 |
Minimum Fixed Charge Coverage Ratio |  |  |  |  |  |  |  |  |  |  |  |  | 1.10 |  |  |  | 1.10 |  |  |  |  |  |  |  |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums |  |  |  |  |  |  |  | 1,000,000 | 1,200,000 |  |  |  |  |  |  |  | 111,000 | 149,000 |  |  |  |  |  |  |
Interest Expense, Other |  |  |  | 47,000 | 45,000 | 140,000 | 136,000 |  |  |  |  |  |  | 13,000 | 39,000 |  |  |  |  |  |  |  |  |  |
Number of Financing Agreements |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Quick Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1) A Credit and Security Agreement (the "Credit Agreement") which includes (a) a one-year, $10.0 million asset-based working capital revolving line of credit, with an interest rate of LIBOR plus 1.85%, with availability based on the combination of Lifecore's eligible accounts receivable and inventory balances (availability was $9.4 million at February 23, 2014) and with no unused fee (at February 23, 2014 and May 26, 2013, no amounts were outstanding under the line of credit) and (b) a $12.0 million term loan which matures in four years due in monthly payments of $250,000 with interest payable monthly based on a variable interest rate of LIBOR plus 2% (the "Term Loan"). | 1.25 |  |  |  |  |  |  |  |
Line of Credit Facility, Commitment Fee Amount |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |  |
Long-term Debt | 35,780,000 | 40,305,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,000,000 |  |  |  |
Long Term Debt Contractual Maturity Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 years
Debt Instrument, Periodic Payment, Principal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 250,000
Letters of Credit Outstanding, Amount |  |  | 3,500,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Tangible Net Worth |  | $ 29,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annual Re-Marketing Fee Percentage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.125% |  |  |  |  |  |
Annual Letter of Credit Fee Percentage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.75% |  |  |  |  |

X
- Definition Annual Letter of Credit Fee Percentage + References No definition available. + Details
Name: | lndc_AnnualLetterOfCreditFeePercentage
Namespace Prefix: | lndc_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Annual remarketing Fee Percentage + References No definition available. + Details
Name: | lndc_AnnualRemarketingFeePercentage
Namespace Prefix: | lndc_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line of Credit Facility Term + References No definition available. + Details
Name: | lndc_LineOfCreditFacilityTerm
Namespace Prefix: | lndc_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Long Term Debt Contractual Maturity Term + References No definition available. + Details
Name: | lndc_LongTermDebtContractualMaturityTerm
Namespace Prefix: | lndc_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Measurement of ability to meet financial obligations. + References No definition available. + Details
Name: | lndc_MinimumFixedChargeCoverageRatio
Namespace Prefix: | lndc_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition Minimum Quick Ratio + References No definition available. + Details
Name: | lndc_MinimumQuickRatio
Namespace Prefix: | lndc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Minimum Tangible Net Worth + References No definition available. + Details
Name: | lndc_MinimumTangibleNetWorth
Namespace Prefix: | lndc_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Details
Name: | lndc_Note10DebtDetailsLineItems
Namespace Prefix: | lndc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Number of Financing Agreements + References No definition available. + Details
Name: | lndc_NumberOfFinancingAgreements
Namespace Prefix: | lndc_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of the required periodic payments applied to principal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentPeriodicPaymentPrincipal
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph -4 -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882 + Details
Name: | us-gaap_InterestExpenseOther
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. + References No definition available. + Details
Name: | us-gaap_LettersOfCreditOutstandingAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount borrowed under the credit facility as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityAmountOutstanding
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of the fee for available but unused credit capacity under the credit facility. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityCommitmentFeeAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. + References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
Name: | us-gaap_LongTermDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of deferred fees paid by borrowers and unamortized costs incurred to originate loans and leases, unamortized loan commitments and loan syndication fees, and premiums over or discounts from face amounts of loans that are being amortized into income as an adjustment to yield. Excludes amounts for loans and leases covered under loss sharing agreements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6378536&loc=d3e10092-111533 + Details
Name: | us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant