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

9 Months Ended

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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