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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Feb. 27, 2022
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 27, 2022 |  | May 30, 2021 |  | February 28, 2021 |  | May 31, 2020
Cash and cash equivalents | $ | 1,854 |  |  | $ | 1,159 |  |  | $ | 2,248 |  |  | $ | 360 |
Cash and cash equivalents, discontinued operations | — |  |  | 136 |  |  | — |  |  | — |
Restricted cash | — |  |  | — |  |  | — |  |  | 193 |
Cash, cash equivalents and restricted cash | $ | 1,854 |  |  | $ | 1,295 |  |  | $ | 2,248 |  |  | $ | 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) | February 27, 2022 |  | May 30, 2021
Finished goods | $ | 42,387 |  |  | $ | 40,204 |
Raw materials | 26,644 |  |  | 16,644 |
Work in progress | 4,669 |  |  | 6,228 |
Total | $ | 73,700 |  |  | $ | 63,076 |
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 (benefit) for expected credit losses |  | Write offs, net of recoveries |  | Balance at end of period
Nine months ended February 27, 2022 | $ | 85 |  |  |  |  | $ | (14) |  |  | $ | (6) |  |  | $ | 65 |
Nine months ended February 28, 2021 | $ | 186 |  |  |  |  | $ | 284 |  |  | $ | (385) |  |  | $ | 85 |
Schedule of Accumulated Other Comprehensive 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 OCI | 646 |
Other comprehensive income, net | $ | 646 |
Balance as of February 27, 2022 | $ | (712) |
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:
| February 27, 2022 Range (Weighted Average) |  | May 30, 2021 Range (Weighted Average)
Revenue growth rates | N/A |  | 7% (6.9%)
Expense growth rates | N/A |  | 0% to 8% (5.5%)
Discount rates | N/A |  | 10%
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 27, 2022 |  | Fair Value at May 30, 2021
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Current assets, discontinued operations |  |  |  |  |  |  |  |  |  |  |
Assets held for sale - nonrecurring | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 515 |
Other assets, discontinued operations |  |  |  |  |  |  |  |  |  |  |
Investment in non-public company | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45,100 |
Total assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45,615 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 348 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,736 |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | 348 |  |  | $ | — |  |  | $ | — |  |  | $ | 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 nine months ended February 27, 2022:
(In thousands) | Windset Investment |  |
Balance as of May 30, 2021 | $ | 45,100 |  |  |
Sale of Investment in non-public company | (45,100) |  |  |
Balance as of February 27, 2022 | $ | — |  |  |
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 |  | Nine Months Ended |
Lifecore: | February 27, 2022 |  | February 28, 2021 |  | February 27, 2022 |  | February 28, 2021 |  |  |
Contact development and manufacturing organization | $ | 24,799 |  |  | $ | 18,628 |  |  | $ | 63,951 |  |  | $ | 53,374 |  |  |  |
Fermentation | 10,009 |  |  | 8,597 |  |  | 17,756 |  |  | 18,874 |  |  |  |
Total | $ | 34,808 |  |  | $ | 27,225 |  |  | $ | 81,707 |  |  | $ | 72,248 |  |  |  |
(In thousands) | Three Months Ended |  | Nine Months Ended |
Curation Foods: | February 27, 2022 |  | February 28, 2021 |  | February 27, 2022 |  | February 28, 2021 |  |  |
Avocado products | $ | 15,676 |  |  | $ | 15,378 |  |  | $ | 48,018 |  |  | $ | 47,107 |  |  |  |
Olive oil and wine vinegars | 2,168 |  |  | 1,647 |  |  | 7,016 |  |  | 5,642 |  |  |  |
Technology | 422 |  |  | 440 |  |  | 1,417 |  |  | 1,632 |  |  |  |
Total | $ | 18,266 |  |  | $ | 17,465 |  |  | $ | 56,451 |  |  | $ | 54,381 |  |  |  |

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