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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Feb. 28, 2021
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 28, 2021 |  | May 31, 2020 |  | February 23, 2020 |  | May 26, 2019
Cash and cash equivalents | $ | 2,248 |  |  | $ | 360 |  |  | $ | 2,607 |  |  | $ | 1,080 |
Restricted cash | — |  |  | 193 |  |  | 193 |  |  | 385 |
Cash, cash equivalents and restricted cash | $ | 2,248 |  |  | $ | 553 |  |  | $2,800 |  | $ | 1,465 |
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 28, 2021 |  | May 31, 2020
Finished goods | $ | 41,533 |  |  | $ | 35,177 |
Raw materials | 26,855 |  |  | 25,856 |
Work in progress | 8,391 |  |  | 5,278 |
Total | $ | 76,779 |  |  | $ | 66,311 |
Financing Receivable, Allowance for Credit Loss | 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 |  | Provisions for expected credit losses |  | Write offs, net of recoveries |  | Balance at end of period
Nine months ended February 28, 2021 | $ | 438 |  |  | $ | 451 |  |  | $ | (607) |  |  | $ | 282 |
Accumulated Other Comprehensive Income (Loss) | The Company’s OCI consists of net deferred gains and losses on its interest rate swap derivative instrument. 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 | 1,436 |
Other comprehensive income, net | $ | 1,092 |
Balance as of February 28, 2021 | $ | (1,716) |
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:
| February 28, 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 investment in Windset as of February 28, 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 nonrecurring basis:
(In thousands) | Fair Value at February 28, 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,607 |
Investment in non-public company | — |  |  | — |  |  | 45,100 |  |  | — |  |  | — |  |  | 56,900 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 45,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,507 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 2,174 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,578 |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | 2,174 |  |  | $ | — |  |  | $ | — |  |  | $ | 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 nine months ended February 28, 2021:
(In thousands) | Windset Investment |  |
Balance as of May 31, 2020 | $ | 56,900 |  |  |
Fair value change | (11,800) |  |  |
Balance as of February 28, 2021 | $ | 45,100 |  |  |
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):
(In thousands) | Three Months Ended |  | Nine Months Ended
Curation Foods: | February 28, 2021 |  | February 23, 2020 |  | February 28, 2021 |  | February 23, 2020
Fresh packaged salads and vegetables | $ | 94,739 |  |  | $ | 110,884 |  |  | $ | 283,341 |  |  | $ | 325,628 |
Avocado products | 15,378 |  |  | 14,517 |  |  | 47,107 |  |  | 44,738 |
Technology | 440 |  |  | 2,081 |  |  | 1,632 |  |  | 3,540 |
Total | $ | 110,557 |  |  | $ | 127,482 |  |  | $ | 332,080 |  |  | $ | 373,906 |
(In thousands) | Three Months Ended |  | Nine Months Ended
Lifecore: | February 28, 2021 |  | February 23, 2020 |  | February 28, 2021 |  | February 23, 2020
Contact development and manufacturing organization | $ | 18,628 |  |  | $ | 14,004 |  |  | $ | 53,374 |  |  | $ | 43,118 |
Fermentation | 8,597 |  |  | 11,442 |  |  | 18,874 |  |  | 17,211 |
Total | $ | 27,225 |  |  | $ | 25,446 |  |  | $ | 72,248 |  |  | $ | 60,329 |

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