XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.3

Leases | 3 Months Ended
--- | ---
Aug. 24, 2024
Lessee Disclosure [Abstract] |
Leases | Leases The Company currently leases office space, vehicles and certain equipment under operating leases through fiscal 2035. Lease cost components included within selling, general and administrative expenses in the Consolidated Statements of Operations were as follows (in thousands):
| Three Months Ended |  |
| August 24, 2024 |  | August 26, 2023 |  |  |  |
Operating lease cost | $ | 1,727 |  |  | $ | 1,864 |  |  |  |  |
Short-term lease cost | 79 |  |  | 57 |  |  |  |  |
Variable lease cost | 381 |  |  | 373 |  |  |  |  |
Sublease income (1) | (179) |  |  | (129) |  |  |  |  |
Total lease cost | $ | 2,008 |  |  | $ | 2,165 |  |  |  |  |
(1)Sublease income does not include rental income received from owned property, which is not material. On August 1, 2024, the Company entered into a lease agreement for an office space in Irvine, set to commence on November 1, 2024 and expire on July 31, 2032. This lease is expected to replace the recently sold Irvine office building. The average annual rent for the lease term will be $0.7 million. In December 20, 2023, the Company entered into a lease agreement for an office space in New York that commenced on July 1, 2024 with an expiration date of July 31, 2034. The annual fixed rent for the first five years of $1.2 million and $1.3 million of the last five years. The weighted-average lease term and weighted-average discount rate for operating leases as of August 24, 2024 and May 25, 2024 are presented in the following table:
| As of August 24, 2024 |  | As of May 25, 2024
Weighted-average remaining lease term | 6.3 years |  | 3.5 years
Weighted-average discount rate | 5.07% |  | 4.37%
Cash flow and other noncash information related to operating leases is included in the following table (in thousands):
| Three Months Ended |  |
| August 24, 2024 |  | August 26, 2023 |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,692 |  |  | $ | 2,209 |  |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 13,085 |  |  | $ | 983 |  |  |  |
Future maturities of operating lease liabilities as of August 24, 2024 are presented in the following table (in thousands):
Fiscal Years: | Operating Lease Maturity
2025 (remaining nine months) | $ | 5,079 |
2026 | 5,404 |
2027 | 4,104 |
2028 | 3,726 |
2029 | 2,913 |
Thereafter | 8,240 |
Total future lease payments | 29,466 |
Less: interest | (4,592) |
Present value of operating lease liabilities | $ | 24,874 |

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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration