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Discontinued Operations | 12 Months Ended
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May 26, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations As discussed in Note 1 – Organization, Basis of Presentation, and Summary of Significant Accounting Policies - Discontinued Operations, during fiscal year 2023 we completed the disposition of O Olive Sale and Yucatan Disposition and during fiscal year 2022 we completed the Eat Smart Disposition. Yucatan, O Olive and Eat Smart represent components of the Company’s previously operated food business and their sale represents a strategic shift in the Company going forward. Accordingly, concurrent with the execution of their respective purchase agreements, Yucatan, O Olive and Eat Smart met the accounting requirements for reporting as discontinued operations for all periods presented. There were no assets or liabilities of Yucatan, O Olive or Eat Smart as of May 26, 2024 or May 28, 2023. The key components of income (loss) from discontinued operations for the fiscal years ended May 26, 2024, May 28, 2023, and May 29, 2022 were as follows (in thousands):
| Year Ended
| May 26, 2024 |  | May 28, 2023 |  | May 29, 2022
Revenues | $ | — |  |  | $ | 49,988 |  |  | $ | 261,311 |
Cost of goods sold | — |  |  | 51,175 |  |  | 248,670 |
Gross profit | — |  |  | (1,187) |  |  | 12,641 |
Operating costs and expenses: |  |  |  |  |
Research and development | — |  |  | 220 |  |  | 2,441 |
Selling, general and administrative | — |  |  | 10,143 |  |  | 24,423 |
Impairment of goodwill and long-lived and indefinite-lived assets | — |  |  | 1,300 |  |  | 78,146 |
Legal settlement charge | — |  |  | 407 |  |  | — |
Loss on Sale of Eat Smart | — |  |  | — |  |  | 336 |
Loss on Sale of Yucatan | — |  |  | 20,663 |  |  | — |
Loss on Sale of O Olive | — |  |  | 319 |  |  | — |
Restructuring costs | — |  |  | 1,255 |  |  | 6,542 |
Total operating costs and expenses | — |  |  | 34,307 |  |  | 111,888 |
Operating loss | — |  |  | (35,494) |  |  | (99,247) |
Interest expenses (1) | — |  |  | — |  |  | (2,682) |
Other income (expense), net | 2,700 |  |  | 167 |  |  | — |
Income (loss) from discontinued operations before taxes | 2,700 |  |  | (35,327) |  |  | (101,929) |
Income tax benefit | (18) |  |  | — |  |  | 690 |
Income (loss) from discontinued operations, net of tax | $ | 2,682 |  |  | $ | (35,327) |  |  | $ | (101,239) |
(1)The Company does not allocate general corporate interest expense to discontinued operations. The amount shown for the year ended May 29, 2022 related to debt held specifically by discontinued operations. The key components of cash flows from discontinued operations for the fiscal years ended May 28, 2023, and May 29, 2022 were as follows (in thousands):
| Year Ended
| May 28, 2023 |  | May 29, 2022
Cash provided by (used in) operating activities | $ | 12 |  |  | $ | (13,600) |
Cash (used in) provided by investing activities | $ | (42) |  |  | $ | 105,300 |
Depreciation and amortization expense | $ | 400 |  |  | $ | 7,628 |
Capital expenditures | $ | (42) |  |  | $ | (4,467) |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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