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v3.22.2.2

Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Aug. 28, 2022
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, discontinued operations 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 28, 2022 |  | May 29, 2022 |  | August 29, 2021 |  | May 30, 2021
Cash and cash equivalents | $ | 4,222 |  |  | $ | 1,643 |  |  | $ | 1,406 |  |  | $ | 1,159 |
Cash and cash equivalents, discontinued operations | — |  |  | — |  |  | 41 |  |  | 136 |
Cash and cash equivalents | $ | 4,222 |  |  | $ | 1,643 |  |  | $ | 1,447 |  |  | $ | 1,295 |
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 28, 2022 |  | May 29, 2022
Finished goods | $ | 25,266 |  |  | $ | 33,029 |
Raw materials | 27,402 |  |  | 24,221 |
Work in progress | 11,617 |  |  | 9,595 |
Total | $ | 64,285 |  |  | $ | 66,845 |
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
Three months ended August 29, 2021 | $ | 85 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 85 |
Three months ended August 28, 2022 | $ | 65 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |
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 29, 2022 | $ | (586) |
Amounts reclassified from OCI | 300 |
Other comprehensive income, net | $ | 300 |
Balance as of August 28, 2022 | $ | (286) |
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 28, 2022 |  | Fair Value at May 29, 2022
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swap contracts | $ | — |  |  | $ | 86 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Assets held for sale - nonrecurring | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,027 |
Total assets | $ | — |  |  | $ | 86 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,027 |
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 |  |  |
Lifecore: | August 28, 2022 |  | August 29, 2021 |  |  |  |  |  |  |
Contract development and manufacturing organization | $ | 18,247 |  |  | $ | 17,789 |  |  |  |  |  |  |  |
Fermentation | 5,456 |  |  | 4,163 |  |  |  |  |  |  |  |
Total | $ | 23,703 |  |  | $ | 21,952 |  |  |  |  |  |  |  |
(In thousands) | Three Months Ended |  |  |
Curation Foods: | August 28, 2022 |  | August 29, 2021 |  |  |  |  |  |  |
Avocado products | $ | 17,093 |  |  | $ | 16,962 |  |  |  |  |  |  |  |
Olive oil and wine vinegars | 2,559 |  |  | 2,340 |  |  |  |  |  |  |  |
Technology | — |  |  | 378 |  |  |  |  |  |  |  |
Total | $ | 19,652 |  |  | $ | 19,680 |  |  |  |  |  |  |  |

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