XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 6 Months Ended
--- | ---
Nov. 28, 2020
Leases [Abstract] |
Leases | 5. Leases The Company currently leases office space, vehicles and certain equipment under operating leases. The following table summarizes components of the total lease cost, which were included within selling, general and administrative expenses in the Consolidated Statements of Operations (in thousands):
|  | Three Months Ended |  | Six Months Ended
|  | November 28, 2020 |  | November 23, 2019 |  | November 28, 2020 |  | November 23, 2019
Operating lease cost |  | $ | 2,745 |  | $ | 3,036 |  | $ | 5,618 |  | $ | 6,116
Short-term lease cost |  |  | 29 |  |  | 120 |  |  | 92 |  |  | 198
Variable lease cost |  |  | 681 |  |  | 596 |  |  | 1,248 |  |  | 1,200
Sublease income |  |  | (222) |  |  | (185) |  |  | (444) |  |  | (306)
Total lease cost |  | $ | 3,233 |  | $ | 3,567 |  | $ | 6,514 |  | $ | 7,208
Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):
|  | Three Months Ended |  | Six Months Ended
|  | November 28, 2020 |  | November 23, 2019 |  | November 28, 2020 |  | November 23, 2019
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 3,683 |  | $ | 3,230 |  | $ | 6,957 |  | $ | 6,559
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 535 |  | $ | 2,924 |  | $ | 1,555 |  | $ | 4,384
The weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were as follows:
|  | As of |  | As of
|  | November 28, 2020 |  | May 30, 2020
Weighted average remaining lease term |  |  | 4.1 years |  |  | 4.3 years
Weighted average discount rate |  |  | 3.98% |  |  | 4.09%
The m aturities of operating lease liabilities were as follows as of November 28, 2020 (in thousands):
Years Ending: |  | Operating Lease Maturity
May 29, 2021 |  | $ | 6,301
May 28, 2022 |  |  | 11,291
May 27, 2023 |  |  | 8,923
May 25, 2024 |  |  | 7,156
May 31, 2025 |  |  | 3,474
Thereafter |  |  | 3,376
Total minimum payments |  | $ | 40,521
Less: discount |  |  | (3,109)
Present value of operating lease liabilities |  | $ | 37,412
The Company owns its headquarters office building located in Irvine, California and leases approximately 13,000 square feet of the approximately 57,000 square feet building to independent third parties under operating lease agreements expiring through fiscal 2025. Rental income recognized totaled $55,000 and $70,000 for the three months ended November 28, 2020 and November 23, 2019, respectively, and $110,000 and $106,000 for the six months ended November 28, 2020 and November 23, 2019, respectively. Under the terms of these operating lease agreements, rental income is expected to be $107,000, $219,000, $226,000, $232,000 and $78,000 in the remaining six months of fiscal 2021 and fiscal years 2022 through 2025, respectively. Rental income is included in selling, general and administrative expenses in the Consolidated Statements of Operations.

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

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration