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Income Taxes (Tables)

12 Months Ended

May 26, 2019

Income Tax Disclosure [Abstract]

Schedule of Benefits and Provisions for Income Taxes

The (benefit) provision for income taxes from continuing operations consisted of the following:

(in thousands)	Year Ended
	May 26, 2019				May 27, 2018				May 28, 2017
Current:
Federal	$	(67	)		$	(2,854	)		$	1,388
State	63				60				39
Foreign	83				83				82
Total	79				(2,711		)		1,509
Deferred:
Federal	1,581				(7,122		)		2,270
State	(142		)		470				261
Total	1,439				(6,652		)		2,531
Income tax (benefit) expense	$	1,518			$	(9,363	)		$	4,040

Schedule of Actual Provisions for Income Taxes

The actual provision for income taxes from continuing operations differs from the statutory U.S. federal income tax rate as follows:

(in thousands)	Year Ended
	May 26, 2019				May 27, 2018				May 28, 2017
Tax at U.S. statutory rate (1)	$	764			$	4,784			$	4,922
State income taxes, net of federal benefit	46				439				307
Tax reform	—				(14,350		)		—
Change in valuation allowance	929				(176		)		85
Tax credit carryforwards	(771		)		(777		)		(834		)
Other compensation-related activity	618				566				(365		)
Domestic manufacturing deduction	—				—				(243		)
Other	(68		)		151				168
Income tax expense (benefit)	$	1,518			$	(9,363	)		$	4,040

(1) Statutory rate was 21.0% for fiscal year 2019, 29.4% for fiscal year 2018, and 35.0% for fiscal year 2017.

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities reported in the accompanying consolidated balance sheets consisted of the following:

(in thousands)	Year Ended
	May 26, 2019				May 27, 2018
Deferred tax assets:
Accruals and reserves	$	3,130			$	1,421
Net operating loss carryforwards	9,385				1,955
Stock-based compensation	979				1,247
Research and AMT credit carryforwards	2,839				2,032
Other	461				427
Gross deferred tax assets	16,794				7,082
Valuation allowance	(4,116		)		(1,337		)
Net deferred tax assets	12,678				5,745
Deferred tax liabilities:
Depreciation and amortization	(14,324		)		(11,307		)
Goodwill and other indefinite life intangibles	(13,351		)		(8,201		)
Basis difference in investment in non-public company	(4,396		)		(3,722		)
Deferred tax liabilities	(32,071		)		(23,230		)
Net deferred tax liabilities	$	(19,393	)		$	(17,485	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in thousands)	Year Ended
	May 26, 2019				May 27, 2018				May 28, 2017
Unrecognized tax benefits – beginning of the period	$	479			$	537			$	842
Gross increases – tax positions in prior period	29				21				11
Gross decreases – tax positions in prior period	—				—				(90		)
Gross increases – current-period tax positions	133				116				93
Settlements	—				(95		)		—
Lapse of statute of limitations	(25		)		(100		)		(319		)
Unrecognized tax benefits – end of the period	$	616			$	479			$	537

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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