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Discontinued Operations

9 Months Ended

Feb. 24, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

During the fourth quarter of fiscal year 2018, the Company discontinued its Food Export business segment. As a result, the Company met the requirements of ASC 205-20¸ to report the results of the Food Export business 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 segment 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):

	February 24, 2019				May 27, 2018
Current and other assets, discontinued operations:
Cash and cash equivalents	$	—			$	(8	)
Accounts receivable	—				518
Inventory	—				—
Other assets	—				—
Total assets, discontinued operations	$	—			$	510
Other current liabilities, discontinued operations:
Accounts payable	$	—			$	230
Accrued expenses and other current liabilities	—				228
Total other current liabilities, discontinued operations	$	—			$	458

After the Food Export business segment 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 Comprehensive Income and the notes to the consolidated financial statements have been adjusted to exclude the food export business segment for the three and nine months ended February 25, 2018. Components of amounts reflected in income (loss) from discontinued operations, net of tax are as follows (in thousands) for the three and nine months ended:

	Three Months Ended February 25, 2018				Nine Months Ended February 25, 2018
Revenues	$	4,414			$	25,986
Cost of sales	(4,092		)		(24,349		)
Selling, general and administrative	(599		)		(1,976		)
Other	—				—
Loss from discontinued operations, before taxes	(277		)		(339		)
Income tax benefit	82				100
Loss from discontinued operations, net of tax	$	(195	)		$	(239	)

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- References

No definition available.

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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

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