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v3.23.1

Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Feb. 26, 2023
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) | February 26, 2023 |  | May 29, 2022 |  | February 27, 2022 |  | May 30, 2021
Cash and cash equivalents | $ | 2,950 |  |  | $ | 991 |  |  | $ | 1,854 |  |  | $ | 1,159 |
Cash and cash equivalents, discontinued operations | — |  |  | 652 |  |  | — |  |  | 136 |
Cash and cash equivalents | $ | 2,950 |  |  | $ | 1,643 |  |  | $ | 1,854 |  |  | $ | 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) | February 26, 2023 |  | May 29, 2022
Finished goods | $ | 14,636 |  |  | $ | 13,418 |
Raw materials | 22,554 |  |  | 21,329 |
Work in progress | 11,506 |  |  | 9,553 |
Total | $ | 48,696 |  |  | $ | 44,300 |
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
Nine months ended February 26, 2023 | $ | 5 |  |  |  |  | $ | — |  |  | $ | (1) |  |  | $ | 4 |
Nine months ended February 27, 2022 | $ | 5 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
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 February 26, 2023 | $ | — |
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 26, 2023 |  | 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 |  |  |  |  |  |  |  |  |  |  |
Property & equipment | — |  |  | — |  |  | — |  |  | — |  |  | 3,500 |  |  | — |
Customer relationship | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,400 |
Tradenames | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 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 |  | Nine Months Ended |
Lifecore: | February 26, 2023 |  | February 27, 2022 |  | February 26, 2023 |  | February 27, 2022 |  |  |
Contact development and manufacturing organization | $ | 17,809 |  |  | $ | 24,799 |  |  | $ | 52,088 |  |  | $ | 63,951 |  |  |  |
Fermentation | 8,521 |  |  | 10,009 |  |  | 19,635 |  |  | 17,756 |  |  |  |
Total | $ | 26,330 |  |  | $ | 34,808 |  |  | $ | 71,723 |  |  | $ | 81,707 |  |  |  |
(In thousands) | Three Months Ended |  | Nine Months Ended |
Curation Foods: | February 26, 2023 |  | February 27, 2022 |  | February 26, 2023 |  | February 27, 2022 |  |  |
Olive Oil and vinegars | $ | 1,270 |  |  | $ | 2,169 |  |  | $ | 6,025 |  |  | $ | 7,016 |  |  |  |
Technology | — |  |  | 422 |  |  | — |  |  | 1,417 |  |  |  |
Total | $ | 1,270 |  |  | $ | 2,591 |  |  | $ | 6,025 |  |  | $ | 8,433 |  |  |  |

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