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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Feb. 24, 2019

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands):

	February 24, 2019				May 27, 2018				February 25, 2018				May 29, 2017
Cash and cash equivalents	$	1,722			$	2,899			$	7,660			$	5,998
Restricted cash	385				325				325				325
Cash, discontinued operations	—				(8		)		(10		)		(589		)
Cash, cash equivalents and restricted cash	$	2,107			$	3,216			$	7,975			$	5,734

Schedule of Inventory, Current

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of the following (in thousands):

	February 24, 2019				May 27, 2018
Raw materials	$	18,821			$	15,286
Work in progress	3,385				3,672
Finished goods	22,021				12,861
Total	$	44,227			$	31,819

Comprehensive Income (Loss)

The components of AOCI, net of tax, are as follows (in thousands):

	AOCI
Accumulated OCI, net, as of May 27, 2018	$	1,148
Unrealized losses on interest rate swap contracts, net of tax effect	(608		)
Amounts reclassified from OCI	—
Accumulated OCI, net, as of February 24, 2019	$	540

Schedule of Effect of Significant Unobservable Inputs for Contingent Liability

In determining the fair value of the Company’s contingent consideration liability, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:

	At February 24, 2019		At May 27, 2018
Cost of debt	5.1% to 5.5%		4.7% to 5.2%
Market price of risk adjustment	14%		20%
EBITDA volatility	28%		25%

Sensitivity Analysis

The discounted cash flow valuation model used by the Company has the following sensitivity to changes in inputs and assumptions (in thousands):

	Impact on value of Contingent consideration liability as of February 24, 2019
10% increase in EBITDA forecast	$	100

Schedule of Effect of Significant Unobservable Inputs for Investment

In determining the fair value of the investment in Windset, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:

	At February 24, 2019		At May 27, 2018
Revenue growth rates	6%		6%
Expense growth rates	6%		6%
Income tax rates	15%		15%
Discount rates	12%		12%

Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets

The discounted cash flow valuation model used by the Company has the following sensitivity to changes in inputs and assumptions (in thousands):

	Impact on value of investment in Windset as of February 24, 2019
10% increase in revenue growth rates	$	10,000
10% increase in expense growth rates	$	(9,300	)
10% increase in income tax rates	$	(500	)
10% increase in discount rates	$	(3,700	)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	Fair Value at February 24, 2019												Fair Value at May 27, 2018
Assets:	Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Interest rate swap contracts	$	—			$	992			$	—			$	—			$	1,529			$	—
Investment in non-public company	—				—				68,100				—				—				66,500
Total assets	$	—			$	992			$	68,100			$	—			$	1,529			$	66,500
Liabilities:
Interest rate swap contracts	—				259				—				—				—				—
Contingent consideration liability	—				—				500				—				—				4,000
Total liabilities	$	—			$	259			$	500			$	—			$	—			$	4,000

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reflects the fair value roll forward reconciliation of Level 3 assets and liabilities measured at fair value for the nine months ended February 24, 2019 (in thousands):

	Windset Investment				Contingent Consideration Liability
Balance as of May 27, 2018	$	66,500			$	4,000
Fair value change	1,600				(3,500		)
Balance as of February 24, 2019	$	68,100			$	500

Disaggregation of Revenue

The following tables disaggregate segment revenue by major product lines (in thousands):

	Three Months Ended								Nine Months Ended
Curation Foods:	February 24, 2019				February 25, 2018				February 24, 2019				February 25, 2018
Salads	$	49,387			$	48,492			$	140,417			$	135,118
Core vegetables	68,070				72,256				195,203				193,805
Emerging brands	14,527				1,202				17,882				4,992
Total	$	131,984			$	121,950			$	353,502			$	333,915

	Three Months Ended								Nine Months Ended
Lifecore:	February 24, 2019				February 25, 2018				February 24, 2019				February 25, 2018
Aseptic	$	7,432			$	7,600			$	21,326			$	22,218
Fermentation	11,451				12,175				16,436				17,830
Development services	4,820				3,184				14,003				9,188
Total	$	23,703			$	22,959			$	51,765			$	49,236

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