XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
--- | ---
Nov. 27, 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) | November 27, 2022 |  | May 29, 2022 |  | November 28, 2021 |  | May 30, 2021
Cash and cash equivalents | $ | 6,830 |  |  | $ | 1,643 |  |  | $ | 1,091 |  |  | $ | 1,159 |
Cash and cash equivalents, discontinued operations | — |  |  | — |  |  | — |  |  | 136 |
Cash and cash equivalents | $ | 6,830 |  |  | $ | 1,643 |  |  | $ | 1,091 |  |  | $ | 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) | November 27, 2022 |  | May 29, 2022
Finished goods | $ | 38,882 |  |  | $ | 33,029 |
Raw materials | 26,959 |  |  | 24,221 |
Work in progress | 11,683 |  |  | 9,595 |
Total | $ | 77,524 |  |  | $ | 66,845 |
Schedule of Financing Receivable, Allowance for Credit Loss | The changes in the Company’s allowance for 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
Six months ended November 27, 2022 | $ | 65 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |
Six months ended November 28, 2021 | $ | 85 |  |  |  |  | $ | (14) |  |  | $ | — |  |  | $ | 71 |
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 | 586 |
Other comprehensive income, net | $ | 586 |
Balance as of November 27, 2022 | $ | — |
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 November 27, 2022 |  | Fair Value at May 29, 2022
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets held for sale - nonrecurring | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,027 |
Current assets, discontinued operation |  |  |  |  |  |  |  |  |  |  |
Assets held for sale - nonrecurring | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Property & equipment, as restated | — |  |  | — |  |  | — |  |  | — |  |  | 3,500 |  |  | — |
Customer relationship, as restated | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,400 |
Tradenames, as restated | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,000 |
Total assets | — |  |  | — |  |  | — |  |  | — |  |  | 3,500 |  |  | 6,427 |
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 |  | Six Months Ended |
Lifecore: | November 27, 2022 |  | November 28, 2021 |  | November 27, 2022 |  | November 28, 2021 |  |  |
Contact development and manufacturing organization | $ | 16,032 |  |  | $ | 21,363 |  |  | $ | 34,279 |  |  | $ | 39,152 |  |  |  |
Fermentation | 5,659 |  |  | 3,583 |  |  | 11,114 |  |  | 7,746 |  |  |  |
Total | $ | 21,691 |  |  | $ | 24,946 |  |  | $ | 45,393 |  |  | $ | 46,898 |  |  |  |
(In thousands) | Three Months Ended |  | Six Months Ended |
Curation Foods: | November 27, 2022 |  | November 28, 2021 |  | November 27, 2022 |  | November 28, 2021 |  |  |
Avocado products | $ | 14,915 |  |  | $ | 15,381 |  |  | $ | 32,009 |  |  | $ | 32,343 |  |  |  |
Olive Oil and vinegars | 2,196 |  |  | 2,508 |  |  | 4,755 |  |  | 4,848 |  |  |  |
Technology | — |  |  | 617 |  |  | — |  |  | 995 |  |  |  |
Total | $ | 17,111 |  |  | $ | 18,506 |  |  | $ | 36,764 |  |  | $ | 38,186 |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration