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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)

9 Months Ended

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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