XML 46 R21.htm IDEA: XBRL DOCUMENT
v3.20.1

Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
--- | ---
Feb. 23, 2020
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 23, 2020 |  | May 26, 2019 |  | February 24, 2019 |  | May 27, 2018
Cash and cash equivalents | $ | 2,607 |  |  | $ | 1,080 |  |  | $ | 1,722 |  |  | $ | 2,899 |
Restricted cash | 193 |  |  | 385 |  |  | 385 |  |  | 325 |
Cash, discontinued operations | — |  |  | — |  |  | — |  |  | (8) |
Cash, cash equivalents and restricted cash | $ | 2,800 |  |  | $ | 1,465 |  |  | $ | 2,107 |  |  | $ | 3,216 |
Schedule of Inventories | 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 23, 2020 |  | May 26, 2019
Raw materials | $ | 29,893 |  |  | $ | 23,195 |
Work in progress | 4,343 |  |  | 4,189 |
Finished goods | 32,823 |  |  | 26,748 |
Total | $ | 67,059 |  |  | $ | 54,132 |
Accumulated Other Comprehensive Income (Loss) | The components of AOCI, net of tax, are as follows:
(In thousands) | AOCI
Accumulated OCI, net, as of May 26, 2019 | $ | 64 |
Unrealized losses on interest rate swap contracts, net of tax effect | (896) |
Accumulated OCI, net, as of February 23, 2020 | $ | (832) |
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 23, 2020 |  | At May 26, 2019
Cost of debt | 5.1% to 5.5% |  | 5.1% to 5.5%
Market price of risk adjustment | 14% |  |  | 14% |
EBITDA volatility | 28% |  |  | 28% |
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 23, 2020 |  | At May 26, 2019
Revenue growth rates | 6% to 7% |  |  | 6% |
Expense growth rates | 5% to 7% |  |  | 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 23, 2020
10% increase in revenue growth rates | $ | 5,400 |
10% increase in expense growth rates | $ | (4,200) |
10% increase in income tax rates | $ | (500) |
10% increase in discount rates | $ | (3,600) |
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 and nonrecurring basis:
(In thousands) | Fair Value at February 23, 2020 |  |  |  |  |  | Fair Value at May 26, 2019 |  |  |  |
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swap contracts | $ | — |  |  | $ | 58 |  |  | $ | — |  |  | $ | — |  |  | $ | 644 |  |  | $ | — |
Assets held for sale - nonrecurring | — |  |  | — |  |  | 2,607 |  |  | — |  |  | — |  |  | — |
Investment in non-public company | — |  |  | — |  |  | 61,300 |  |  | — |  |  | — |  |  | 61,100 |
Total assets | $ | — |  |  | $ | 58 |  |  | $ | 63,907 |  |  | $ | — |  |  | $ | 644 |  |  | $ | 61,100 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 1,145 |  |  | $ | — |  |  | $ | — |  |  | $ | 482 |  |  | $ | — |
Contingent consideration liability | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500 |
Total liabilities | $ | — |  |  | $ | 1,145 |  |  | $ | — |  |  | $ | — |  |  | $ | 482 |  |  | $ | 500 |
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 23, 2020:
(In thousands) | Windset Investment |  | Contingent Consideration Liability
Balance as of May 26, 2019 | $ | 61,100 |  |  | $ | 500 |
Fair value change | 200 |  |  | (500) |
Balance as of February 23, 2020 | $ | 61,300 |  |  | $ | — |
Disaggregation of Revenue | The following tables disaggregate segment revenue by major product lines:
(In thousands) | Three Months Ended |  |  |  | Nine Months Ended |  |
Curation Foods: | February 23, 2020 |  | February 24, 2019 |  | February 23, 2020 |  | February 24, 2019
Salads | $ | 50,402 |  |  | $ | 49,387 |  |  | $ | 149,819 |  |  | $ | 140,417 |
Core vegetables | 61,050 |  |  | 68,071 |  |  | 174,684 |  |  | 195,203 |
Emerging brands | 16,030 |  |  | 14,394 |  |  | 49,403 |  |  | 17,394 |
Total | $ | 127,482 |  |  | $ | 131,852 |  |  | $ | 373,906 |  |  | $ | 353,014 |
| Three Months Ended |  |  |  | Nine Months Ended |  |
Lifecore: | February 23, 2020 |  | February 24, 2019 |  | February 23, 2020 |  | February 24, 2019
Aseptic | $ | 6,802 |  |  | $ | 7,432 |  |  | $ | 22,242 |  |  | $ | 21,326 |
Fermentation | 11,442 |  |  | 11,450 |  |  | 17,211 |  |  | 16,436 |
Development services | 7,202 |  |  | 4,820 |  |  | 20,876 |  |  | 14,003 |
Total | $ | 25,446 |  |  | $ | 23,702 |  |  | $ | 60,329 |  |  | $ | 51,765 |

X
- Definition Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]" (Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset or liability.) + References No definition available. + Details
Name: | lndc_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | lndc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Effect of significant unobservable inputs for investment. + References No definition available. + Details
Name: | lndc_ScheduleOfEffectOfSignificantUnobservableInputsForInvestmentTableTextBlock
Namespace Prefix: | lndc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Effect of significant unobservable inputs for contingent liability. + References No definition available. + Details
Name: | lndc_ScheduleofEffectofSignificantUnobservableInputsforContingentLiabilityPolicyTextBlock
Namespace Prefix: | lndc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669686-108580 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118948506&loc=d3e107314-111719 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=118948506&loc=d3e107314-111719 + Details
Name: | us-gaap_ScheduleOfSensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration