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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 30, 2021
Accounting Policies [Abstract] |
Comprehensive Income (Loss) | The components of AOCL, net of tax, are as follows (in thousands):
| AOCL
Balance as of May 31, 2020 | $ | (2,808) |
Other comprehensive loss before reclassifications, net of tax effect | (344) |
Amounts reclassified from OCI | 1,794 |
Other comprehensive (loss) income, net | 1,450 |
Balance as of May 30, 2021 | $ | (1,358) |
Summary of Allowance for Sales Returns and Doubtful Accounts | The changes in the Company’s allowance for sales returns and credit losses are summarized in the following table (in thousands):
| Balance at beginning of period |  | Adjustments resulting from acquisitions |  | Provision (benefit) for expected credit losses |  | Write offs, net of recoveries |  | Balance at end of period
Year Ended May 26, 2019 | $ | 302 |  |  | $ | 881 |  |  | $ | 421 |  |  | $ | (588) |  |  | $ | 1,016 |
Year Ended May 31, 2020 | $ | 1,016 |  |  | $ | — |  |  | $ | (284) |  |  | $ | (294) |  |  | $ | 438 |
Year Ended May 30, 2021 | $ | 438 |  |  | $ | — |  |  | $ | 418 |  |  | $ | (577) |  |  | $ | 279 |
Disaggregation of Revenue | The Company disaggregates its revenue by segment based on how it markets its products and services and reviews results of operations. The following tables disaggregate segment revenue by major product lines and services (in thousands):
| Year Ended
Curation Foods: | May 30, 2021 |  | May 31, 2020 |  | May 26, 2019
Fresh packaged salads and vegetables | $ | 380,205 |  |  | $ | 438,083 |  |  | $ | 453,182 |
Avocado products | 63,575 |  |  | 62,194 |  |  | 27,322 |
Technology | 2,294 |  |  | 4,256 |  |  | 1,182 |
Total | $ | 446,074 |  |  | $ | 504,533 |  |  | $ | 481,686 |
| Year Ended
Lifecore: | May 30, 2021 |  | May 31, 2020 |  | May 26, 2019
Contract development and manufacturing organization | $ | 75,297 |  |  | $ | 64,781 |  |  | $ | 54,439 |
Fermentation | 22,790 |  |  | 21,052 |  |  | 21,434 |
Total | $ | 98,087 |  |  | $ | 85,833 |  |  | $ | 75,873 |
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):
| May 30, 2021 |  | May 31, 2020 |  | May 26, 2019
Cash and cash equivalents | $ | 1,295 |  |  | $ | 360 |  |  | $ | 1,080 |
Restricted cash | — |  |  | 193 |  |  | 385 |
Cash, cash equivalents and restricted cash | $ | 1,295 |  |  | $ | 553 |  |  | $ | 1,465 |
Schedule of Restricted Cash | 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):
| May 30, 2021 |  | May 31, 2020 |  | May 26, 2019
Cash and cash equivalents | $ | 1,295 |  |  | $ | 360 |  |  | $ | 1,080 |
Restricted cash | — |  |  | 193 |  |  | 385 |
Cash, cash equivalents and restricted cash | $ | 1,295 |  |  | $ | 553 |  |  | $ | 1,465 |
Schedule of Inventory, Current | As of May 30, 2021 and May 31, 2020, inventories consisted of the following (in thousands):
| Year Ended
| May 30, 2021 |  | May 31, 2020
Finished goods | $ | 39,493 |  |  | $ | 35,177 |
Raw materials | 23,942 |  |  | 25,856 |
Work in progress | 6,228 |  |  | 5,278 |
Total inventories | $ | 69,663 |  |  | $ | 66,311 |
Schedule of Diluted Net Income per Share | The following table sets forth the computation of diluted net (loss) income per share:
| Year Ended
(in thousands, except per share amounts) | May 30, 2021 |  | May 31, 2020 |  | May 26, 2019
Numerator: |  |  |  |  |
Net (loss) income | $ | (32,665) |  |  | $ | (38,191) |  |  | $ | 411 |
Denominator: |  |  |  |  |
Weighted average shares for basic net (loss) income per share | 29,294 |  |  | 29,162 |  |  | 28,359 |
Effect of dilutive securities: |  |  |  |  |
Stock options and restricted stock units | — |  |  | — |  |  | 248 |
Weighted average shares for diluted net (loss) income per share | 29,294 |  |  | 29,162 |  |  | 28,607 |
Diluted net (loss) income per share | $ | (1.12) |  |  | $ | (1.31) |  |  | $ | 0.01 |
Schedule of Effect of Significant Unobservable Inputs for Investment | In determining the fair value of the Company's investment in Windset, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:
| May 30, 2021 Range (Weighted Average) |  | May 31, 2020 Range (Weighted Average)
Revenue growth rates | 7% (6.9)% |  | 6% to 7% (6.4)%
Expense growth rates | 0% to 8% (5.5)% |  | 6% to 8% (6.6)%
Discount rates | 10% |  | 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 Windset investment as of May 30, 2021
10% increase in revenue growth rates | $ | 6,000 |
10% increase in expense growth rates | $ | (3,200) |
10% increase in discount rates | $ | (1,300) |
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 non-recurring basis (in thousands):
| Fair Value at May 30, 2021 |  | Fair Value at May 31, 2020
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets held for sale - nonrecurring | $ | — |  |  | $ | — |  |  | $ | 515 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,607 |
Investment in non-public company | — |  |  | — |  |  | 45,100 |  |  | — |  |  | — |  |  | 56,900 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 45,615 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,507 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 1,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,578 |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | 1,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,578 |  |  | $ | — |
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 twelve months ended May 30, 2021 (in thousands):
| Windset Investment |  |
Balance as of May 31, 2020 | $ | 56,900 |  |  |
Fair value change | (11,800) |  |  |
Balance as of May 30, 2021 | $ | 45,100 |  |  |

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