XML 45 R31.htm IDEA: XBRL DOCUMENT v3.21.2

Income Taxes (Tables)

12 Months Ended

May 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Benefits and Provisions for Income Taxes

The (benefit) provision for income taxes from continuing operations consisted of the following:

(in thousands)			Year Ended
			May 30, 2021						May 31, 2020						May 26, 2019
Current:
Federal			$	(38)					$	(7,836)					$	(67)
State			74						38						63
Foreign			56						56						83
Total			92						(7,742)						79
Deferred:
Federal			(7,433)						(5,212)						1,581
State			(460)						(162)						(142)
Total			(7,893)						(5,374)						1,439
Income tax (benefit) expense			$	(7,801)					$	(13,116)					$	1,518

Schedule of Actual Provisions for Income Taxes

The actual (benefit) provision for income taxes from continuing operations differs from the statutory U.S. federal income tax rate as follows:

(in thousands)			Year Ended
			May 30, 2021						May 31, 2020						May 26, 2019
Tax at U.S. statutory rate (1)			$	(8,498)					$	(10,774)					$	764
State income taxes, net of federal benefit			(1,136)						(1,782)						46
Tax reform/CARES Act			—						(2,770)						—
Change in valuation allowance			3,690						2,654						929
Tax credit carryforwards			(606)						(613)						(771)
Other compensation-related activity			249						334						618
Impairment of goodwill			—						647						—
Foreign rate differential			(1,414)						(863)						—
Other			(86)						51						(68)
Income tax (benefit) expense			$	(7,801)					$	(13,116)					$	1,518

(1) Statutory rate was 21.0% for fiscal year 2021, 2020 and 2019.

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities reported in the accompanying Consolidated Balance Sheets consisted of the following:

(in thousands)			Year Ended
			May 30, 2021						May 31, 2020
Deferred tax assets:
Accruals and reserves			$	3,366					$	4,651
Net operating loss carryforwards			21,916						14,947
Stock-based compensation			1,123						904
Research and AMT credit carryforwards			5,150						4,491
Lease liability			5,902						6,731
Limitations on business interest expense			2,411						2,081
Other			927						426
Gross deferred tax assets			40,795						34,231
Valuation allowance			(10,460)						(6,770)
Net deferred tax assets			30,335						27,461
Deferred tax liabilities:
Depreciation and amortization			(16,600)						(19,049)
Goodwill and other indefinite life intangibles			(13,406)						(12,204)
Basis difference in investment in non-public company			(1,382)						(3,439)
Right of use asset			(5,087)						(6,357)
Deferred tax liabilities			(36,475)						(41,049)
Net deferred tax liabilities			$	(6,140)					$	(13,588)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in thousands)			Year Ended
			May 30, 2021						May 31, 2020						May 26, 2019
Unrecognized tax benefits – beginning of the period			$	827					$	616					$	479
Gross increases – tax positions in prior period			—						101						29
Gross decreases – tax positions in prior period			—						(11)						—
Gross increases – current-period tax positions			115						121						133
Lapse of statute of limitations			—						—						(25)
Unrecognized tax benefits – end of the period			$	942					$	827					$	616

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration