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Restructuring Costs

9 Months Ended

Feb. 23, 2020

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs

In the third quarter of fiscal year 2020, the Company announced a restructuring plan to drive enhanced profitability, focus the business on its strategic assets and redesign the organization to be the appropriate size to compete and thrive. This includes a reduction-in-force, a reduction in leased office spaces, and the sale of non-strategic assets.

In January 2020, the Company decided to divest its salad dressing plant in Ontario, California. In the third quarter of fiscal year 2020, the Company (1) designated the fixed assets of its office and manufacturing space located in Ontario, California, as assets held for sale, (2) recognized a $10.9 million impairment loss, which is included in Restructuring costs within the Consolidated Statements of Comprehensive Income and Loss, and (3) reclassified the remaining net carrying value of $2.6 million from Property and equipment, net to Prepaid expenses and other current assets within the Consolidated Balance Sheet. Liabilities of $0.3 million and $3.0 million related to these assets are included in Current portion of lease liabilities and Long-term lease liabilities, respectively, within the Consolidated Balance Sheet. The Company expects to complete this divestiture within the first half of fiscal year 2021.

The Company will also close its leased Santa Clara, California and its leased Los Angeles, California offices.

The following table summarizes the restructuring costs recognized in the Company’s Consolidated Statements of Income and Loss, by Business Segment:

(In thousands)			Curation Foods												Lifecore												Other												Total
Three Months Ended February 23, 2020
Asset write-off costs			$	10,648											$			—						$			—						$	10,648
Employee severance and benefit costs			1,135												—												610												1,745
Lease costs			392												—												26												418
Other restructuring costs			529												—												188												717
Total restructuring costs			$	12,704											$	—											$	824											$	13,528
Nine Months Ended February 23, 2020
Asset write-off costs			$	10,648											$			—						$	406											$	11,054
Employee severance and benefit costs			1,135												—												610												1,745
Lease costs			392												—												26												418
Other restructuring costs			529												—												188												717
Total restructuring costs			$	12,704											$	—											$	1,230											$	13,934

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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