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Note 11 - Business Segment Reporting | 12 Months Ended
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May 27, 2018
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 11. Business Segment Reporting Prior to May 2018, the Company managed its business operations through three strategic business units based upon the information reported to the chief operating decision maker, who is the Chief Executive Officer: Packaged Fresh Vegetables, Food Export and Biomaterials. However, in May 2018, the Company discontinued its Food Export business segment. As a result, the Company met the requirements of ASC 205 - 20 and ASC 360 to report the results of the Food Export business segment as discontinued operations. The operating results for the Food Export business segment, in all periods presented, have been reclassified to discontinued operations and are no longer reported as a separate segment. The Packaged Fresh Vegetables segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables, the majority of which incorporate the BreatheWay specialty packaging for the retail grocery, club store and food services industry. In addition, the Packaged Fresh Vegetables segment sells BreatheWay packaging to partners for fruit and vegetable products. The Biomaterials segment sells products utilizing hyaluronan, a naturally occurring polysaccharide that is widely distributed in the extracellular matrix of connective tissues in both animals and humans, and non-HA products for medical use primarily in the Ophthalmic, Orthopedic and other markets. Other includes licensing and R&D activities from Landec’s Intelimer polymers for agricultural products, personal care products and other industrial products and from the operations of the O business from its acquisition date of March 1, 2017 through May 27, 2018. The Other segment also includes corporate general and administrative expenses, non-Packaged Fresh Vegetables and non-Biomaterials interest income and income tax expenses. All of the assets of the Company are located within the United States of America. The Company’s international sales by geography are based on the billing address of the customer and were as follows (in millions):
|  | Year Ended |
|  | May 27, 2018 |  |  | May 28, 2017 |  |  | May 29, 2016 |
Canada |  | $ | 78.0 |  |  | $ | 69.3 |  |  | $ | 80.6 |
Belgium |  | $ | 17.2 |  |  | $ | 21.0 |  |  | $ | 13.4 |
Ireland |  | $ | 4.1 |  |  | $ | 4.0 |  |  | $ | 3.2 |
United Kingdom |  | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | 0.6 |
Switzerland |  | $ | 0.8 |  |  | $ | 0.3 |  |  | $ | 0.4 |
Mexico |  | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 0.8 |
All Other Countries |  | $ | 1.4 |  |  | $ | 3.4 |  |  | $ | 4.2 |
Operations by segment consisted of the following (in thousands):
Year Ended May 27, 2018 |  | Packaged Fresh Vegetables |  |  | Biomaterials |  |  | Other (1) |  |  | Total |
Net sales |  | $ | 454,953 |  |  | $ | 65,427 |  |  | $ | 3,847 |  |  | $ | 524,227 |
International sales |  | $ | 78,217 |  |  | $ | 24,468 |  |  | $ | 167 |  |  | $ | 102,852 |
Gross profit |  | $ | 49,130 |  |  | $ | 28,568 |  |  | $ | 640 |  |  | $ | 78,338 |
Net income (loss) from continuing operations |  | $ | 17,970 |  |  | $ | 11,631 |  |  | $ | (3,840 | ) |  | $ | 25,761 |
Identifiable assets (2) |  | $ | 251,500 |  |  | $ | 129,342 |  |  | $ | 23,861 |  |  | $ | 404,703 |
Depreciation and amortization |  | $ | 8,056 |  |  | $ | 3,679 |  |  | $ | 677 |  |  | $ | 12,412 |
Capital expenditures |  | $ | 11,171 |  |  | $ | 16,454 |  |  | $ | 5,965 |  |  | $ | 33,590 |
Dividend income |  | $ | 1,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,650 |
Interest income |  | $ | 93 |  |  | $ | — |  |  | $ | 118 |  |  | $ | 211 |
Interest expense, net |  | $ | 1,554 |  |  | $ | — |  |  | $ | 396 |  |  | $ | 1,950 |
Income tax (benefit) expense |  | $ | (9,537 | ) |  | $ | 2,638 |  |  | $ | (2,464 | ) |  | $ | (9,363 | )
Year Ended May 28, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 408,021 |  |  | $ | 59,392 |  |  | $ | 2,363 |  |  | $ | 469,776 |
International sales |  | $ | 69,802 |  |  | $ | 29,053 |  |  | $ | — |  |  | $ | 98,855 |
Gross profit |  | $ | 51,148 |  |  | $ | 26,755 |  |  | $ | 1,309 |  |  | $ | 79,212 |
Net income (loss) from continuing operations |  | $ | 2,641 |  |  | $ | 10,228 |  |  | $ | (2,734 | ) |  | $ | 10,135 |
Identifiable assets (2) |  | $ | 211,381 |  |  | $ | 104,492 |  |  | $ | 42,735 |  |  | $ | 358,608 |
Depreciation and amortization |  | $ | 7,312 |  |  | $ | 3,054 |  |  | $ | 311 |  |  | $ | 10,677 |
Capital expenditures |  | $ | 11,294 |  |  | $ | 11,169 |  |  | $ | 540 |  |  | $ | 23,003 |
Dividend income |  | $ | 1,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,650 |
Interest income |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Interest expense, net |  | $ | 674 |  |  | $ | 13 |  |  | $ | 1,139 |  |  | $ | 1,826 |
Income tax expense |  | $ | 823 |  |  | $ | 2,938 |  |  | $ | 279 |  |  | $ | 4,040 |
Year Ended May 29, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 423,859 |  |  | $ | 50,470 |  |  | $ | 2,589 |  |  | $ | 476,918 |
International sales |  | $ | 81,242 |  |  | $ | 21,993 |  |  | $ | — |  |  | $ | 103,235 |
Gross profit |  | $ | 40,479 |  |  | $ | 24,081 |  |  | $ | 2,221 |  |  | $ | 66,781 |
Net (loss) income from continuing operations |  | $ | (32,168 | ) |  | $ | 9,499 |  |  | $ | 10,679 |  |  | $ | (11,990 | )
Identifiable assets (2) |  | $ | 212,524 |  |  | $ | 98,986 |  |  | $ | 31,143 |  |  | $ | 342,653 |
Depreciation and amortization |  | $ | 6,648 |  |  | $ | 2,606 |  |  | $ | 141 |  |  | $ | 9,395 |
Capital expenditures |  | $ | 27,533 |  |  | $ | 12,162 |  |  | $ | — |  |  | $ | 39,695 |
Dividend income |  | $ | 1,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,650 |
Interest income |  | $ | 46 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 71 |
Interest expense, net |  | $ | 1,721 |  |  | $ | 266 |  |  | $ | — |  |  | $ | 1,987 |
Income tax expense (benefit) |  | $ | 415 |  |  | $ | 1,946 |  |  | $ | (10,065 | ) |  | $ | (7,704 | )
( 1 ) The Other segment operating results for the year ended May 27, 2018, May 28, 2017 and May 29, 2016 have been restated to reflect the reclassification of the Food Export segment to discontinued operations. ( 2 ) Assets of discontinued operations are included in Other for the years ended May 27, 2018, May 28, 2017, and May 29, 2016.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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