XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Aug. 29, 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)August 29, 2021May 30, 2021August 30, 2020May 31, 2020
Cash and cash equivalents$1,447 $1,295 $589 $360 
Restricted cash— — 193 193 
Cash, cash equivalents and restricted cash$1,447 $1,295 $782 $553 
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)August 29, 2021May 30, 2021
Finished goods$35,142 $39,493 
Raw materials30,344 23,942 
Work in progress3,929 6,228 
Total$69,415 $69,663 
Schedule of 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		Provision for expected credit lossesWrite offs,
net of
recoveries		Balance at
end of period
Three months ended August 29, 2021$279 $60 $(59)$280 
Schedule of Accumulated Other Comprehensive Income (Loss) The Company’s OCI consists of net deferred gains and losses on its interest rate swap derivative instruments. The components of AOCL, net of tax, are as follows:
(In thousands)AOCL
Balance as of May 30, 2021$(1,358)
Amounts reclassified from OCI366 
Other comprehensive income, net366 
Balance as of August 29, 2021$(992)
Schedule of Effect of Significant Unobservable Inputs for Investment
In determining the fair value of the investment in Windset, the Company utilized the following significant unobservable inputs in the discounted cash flow models:
August 29, 2021 Range
(Weighted Average)		May 30, 2021 Range
(Weighted Average)
Revenue growth ratesN/A
7% (6.9%)
Expense growth ratesN/A
0% to 8% (5.5)%
Discount ratesN/A10%
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:
(In thousands)Fair Value at August 29, 2021Fair Value at May 30, 2021
Assets:Level 1Level 2Level 3Level 1Level 2Level 3
Assets held for sale - nonrecurring$— $— $— $— $— $515 
Investment in non-public company— — — — — 45,100 
Total assets$— $— $— $— $— $45,615 
Liabilities:
Interest rate swap contracts$— $1,274 $— $— $1,736 $— 
Total liabilities$— $1,274 $— $— $1,736 $— 
Schedule of Assets 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 three months ended August 29, 2021:

(In thousands)Windset Investment
Balance as of May 30, 2021$45,100 
Sale of Investment in non-public company(45,100)
Balance as of August 29, 2021$— 
Schedule of 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)Three Months Ended
Curation Foods:August 29, 2021August 30, 2020
Fresh packaged salads and vegetables$89,496 $96,179 
Avocado products16,962 17,017 
Technology378 643 
Total$106,836 $113,839 
(In thousands)Three Months Ended
Lifecore:August 29, 2021August 30, 2020
Contact development and manufacturing organization$17,789 $16,488 
Fermentation4,163 5,316 
Total$21,952 $21,804