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Leases (Tables)

6 Months Ended

Nov. 24, 2019

Leases [Abstract]

Components of Lease Cost and Supplemental Cash Flow Information

Supplemental cash flow information related to leases are as follows:

	Six Months Ended
(In thousands)	November 24, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,662
Operating cash flows from finance leases	180
Financing cash flows from finance leases	62
Lease liabilities arising from obtaining right-of-use assets:
Operating leases	$	2,226

The components of lease cost were as follows:

(In thousands, except term and discount rate)	Three Months Ended				Six Months Ended
	November 24, 2019				November 24, 2019
Finance lease cost:
Amortization of leased assets	$	29			$	57
Interest on lease liabilities	90				180
Operating lease cost	1,568				3,161
Variable lease cost and other	532				697
Total lease cost	$	2,219			$	4,095
Weighted-average remaining lease term:
Operating leases					13.11
Finance leases					3.10
Weighted-average discount rate:
Operating leases					5.27		%
Finance leases					9.99		%

Maturity Analysis of Finance Lease Liabilities

Our leases have original lease periods ending between 2019 and 2040. The Company's maturity analysis of operating and finance lease liabilities as of November 24, 2019 were as follows:

(In thousands)	Operating Leases				Finance Leases				Total
Remainder of 2020	$	2,927			$	246			$	3,173
2021	4,795				455				5,250
2022	4,283				466				4,749
2023	3,612				3,497				7,109
2024	2,946				9				2,955
Thereafter	26,433				2				26,435
Total lease payments	44,996				4,675				49,671
Less: interest	(13,845		)		(1,051		)		(14,896		)
Present value of lease liabilities	31,151				3,624				34,775
Less: current obligation of lease liabilities	(3,859		)		(121		)		(3,980		)
Total long-term lease liabilities	$	27,292			$	3,503			$	30,795

Maturity Analysis of Operating Lease Liabilities

Our leases have original lease periods ending between 2019 and 2040. The Company's maturity analysis of operating and finance lease liabilities as of November 24, 2019 were as follows:

(In thousands)	Operating Leases				Finance Leases				Total
Remainder of 2020	$	2,927			$	246			$	3,173
2021	4,795				455				5,250
2022	4,283				466				4,749
2023	3,612				3,497				7,109
2024	2,946				9				2,955
Thereafter	26,433				2				26,435
Total lease payments	44,996				4,675				49,671
Less: interest	(13,845		)		(1,051		)		(14,896		)
Present value of lease liabilities	31,151				3,624				34,775
Less: current obligation of lease liabilities	(3,859		)		(121		)		(3,980		)
Total long-term lease liabilities	$	27,292			$	3,503			$	30,795

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum annual lease payments required under the Company’s existing operating lease agreements as of May 26, 2019 prior to the adoption of ASC 842 were as follows:

(In thousands)	Operating Leases
Fiscal year 2020	$	5,056
Fiscal year 2021	4,044
Fiscal year 2022	3,589
Fiscal year 2023	3,350
Fiscal year 2024	3,047
Thereafter	9,335
Total	$	28,421

Schedule of Future Minimum Lease Payments for Capital Leases

The future minimum annual lease payments required under the Company’s existing capital lease agreements as of May 26, 2019 prior to the adoption of ASC 842 were as follows:

(In thousands)	Capital Leases
Fiscal year 2020	$	486
Fiscal year 2021	489
Fiscal year 2022	460
Fiscal year 2023	3,490
Fiscal year 2024	—
Thereafter	—
Total minimum lease payment	4,925
Less: amounts representing interest and taxes	(1,291		)
Total	3,634
Less: current portion included in other accrued liabilities	(102		)
Long-term capital lease obligation	$	3,532

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
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- Definition

Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
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