XML 26 R15.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Discontinued Operations
 6 Months Ended
Nov. 26, 2023
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, the Company completed the disposition of Yucatan and O Olive on February 7, 2023 and April 6, 2023, respectively. Yucatan and O Olive represented 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 and O Olive both met the accounting requirements for reporting as discontinued operations for all periods presented. There were no assets or liabilities of Yucatan and O Olive as of November 26, 2023.

The key components of income (loss) from discontinued operations for the three and six months ended November 26, 2023 and November 27, 2022 were as follows (in thousands):

Three Months EndedSix Months Ended
November 26, 2023November 27, 2022November 26, 2023November 27, 2022
Revenues
$— $17,111 $— $36,764 
Cost of product sales— 16,789 — 36,226 
Gross profit— 322 — 538 
Operating costs and expenses:— 
Research and development— 90 — 169 
Selling, general and administrative— 2,510 — 6,879 
Impairment of intangible asset and goodwill— 1,300 — 1,300 
Restructuring costs— 27 — 54 
Total operating costs and expenses— 3,927 — 8,402 
Operating loss— (3,605)— (7,864)
Other income (expense), net— — 1,850 — 
Income (loss) from discontinued operations before taxes— (3,605)1,850 (7,864)
Income tax benefit (expense)(24)— (18)— 
Income (loss) from discontinued operations, net of tax$(24)$(3,605)$1,832 $(7,864)

Cash provided by operating activities of discontinued operations totaled $1.8 million and $0.3 million for the six months ended November 26, 2023 and November 27, 2022, respectively. Cash used in investing activities from discontinued operations for the six months ended November 27, 2022 was $0.1 million.