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Note 5 - Intangible Assets | 12 Months Ended
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May 28, 2017
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
5 . | Intangible Assets
The carrying amount of goodwill as of May 28, 2017, May 29, 2016 and May 31, 2015 was $35.5 million for the Packaged Fresh Vegetables segment , $13.9 million for the Biomaterials segment, $269,000 for the Food Export segment, and $5.2 million for the Other segment. Other intangible assets consisted of the following (in thousands):
|  | Trademarks and Trade names |  |  | Customer Relationships |  |  | Total |
Balance as of May 25, 2014 |  | $ | 48,428 |  |  | $ | 8,720 |  |  | $ | 57,148 |
Amortization expense |  |  | — |  |  |  | (885 | ) |  |  | (885 | )
Balance as of May 31, 2015 |  |  | 48,428 |  |  |  | 7,835 |  |  |  | 56,263 |
Impairment during the period |  |  | (34,000 | ) |  |  | — |  |  |  | (34,000 | )
Amortization expense |  |  | — |  |  |  | (867 | ) |  |  | (867 | )
Balance as of May 29, 2016 |  |  | 14,428 |  |  |  | 6,968 |  |  |  | 21,396 |
Additions during the period |  |  | 1,600 |  |  |  | 700 |  |  |  | 2,300 |
Amortization expense |  |  | — |  |  |  | (885 | ) |  |  | (885 | )
Balance as of May 28, 2017 |  | $ | 16,028 |  |  | $ | 6,783 |  |  | $ | 22,811 |
Accumulated amortization of Trademarks and Trade names was $872,000 as of May 28, 2017 and May 29, 2016. Accumulated amortization of Customer Relationships as of May 28, 2017 and May 29, 2016 was $5.1 million and $4.2 million, respectively. Accumulated impairment loss was $38.8 million as of May 28, 2017 and May 29, 2016. Lifecore’s Customer Relationships amount of $3.7 million is being amortized over 12 years , Apio’s Customer Relationships amount of $7.5 million is being amortized over 13 years, and O Olive’s Customer Relationships amount of $700,000 is being amortized over 11 years. The amortization expense for the next five fiscal years is estimated to be $949,000 per year.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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