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Note 13 - Discontinued Operations | 12 Months Ended
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May 27, 2018
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 13. Discontinued Operations During the fourth quarter of fiscal year 2018, the Company discontinued its Food Export business. As a result, the Company met the requirements of ASC 205 - 20¸ to report the results of the Food Export segment as a discontinued operation and to classify the Food Export Segment as a group of assets and liabilities held for abandonment. The operating results for the Food Export business have therefore been reclassified as a discontinued operation. The carrying amounts of the major classes of assets and liabilities of the Food Export business segment included in assets and liabilities of discontinued operations are as follows (in thousands):
|  | Year Ended |
|  | May 27, 2018 |  |  | May 28, 2017 |
Current and other assets, discontinued operations: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | (8 | ) |  | $ | (589 | )
Accounts receivable |  |  | 518 |  |  |  | 1,184 |
Inventory |  |  | — |  |  |  | 1,670 |
Other assets |  |  | — |  |  |  | 269 |
Total assets, discontinued operations |  | $ | 510 |  |  | $ | 2,534 |
Other current liabilities, discontinued operations: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 230 |  |  | $ | 1,341 |
Accrued expenses and other current liabilities |  |  | 228 |  |  |  | 785 |
Total other current liabilities, discontinued operations |  | $ | 458 |  |  | $ | 2,126 |
Once the Food Export business was discontinued, the operations associated with this business qualified for reporting as discontinued operations. Accordingly, the operating results, net of tax, from discontinued operations are presented separately in the Company’s consolidated statements of income (loss) and the notes to the consolidated financial statements have been adjusted to exclude the Food Export business segment. Components of amounts reflected in (loss) income from discontinued operations, net of tax are as follows (in thousands):
|  | Year Ended |
|  | May 27, 2018 |  |  | May 28, 2017 |  |  | May 29, 2016 |
Revenues |  | $ | 29,222 |  |  | $ | 62,481 |  |  | $ | 64,181 |
Cost of sales |  |  | (27,619 | ) |  |  | (58,507 | ) |  |  | (60,005 | )
Selling, general and administrative |  |  | (2,522 | ) |  |  | (3,137 | ) |  |  | (3,334 | )
Other |  |  | (269 | ) |  |  | — |  |  |  | — |
(Loss) income from discontinued operations before taxes |  |  | (1,188 | ) |  |  | 837 |  |  |  | 842 |
Income tax benefit (expense) |  |  | 350 |  |  |  | (295 | ) |  |  | (300 | )
(Loss) income from discontinued operations, net of tax |  | $ | (838 | ) |  | $ | 542 |  |  | $ | 542 |
Cash provided by (used in) operating activities by the Food Export business totaled $580,000, $( 515,000 ), and $11,000 for the fiscal years ended May 27, 2018, May 28, 2017, and May 29, 2016, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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