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

3 Months Ended

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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