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Leases | 6 Months Ended
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Nov. 23, 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 |  | Six Months Ended |  |
| November 23, 2024 |  | November 25, 2023 |  | November 23, 2024 |  | November 25, 2023 |  |  |  |
Operating lease cost | $ | 1,725 |  |  | $ | 1,852 |  |  | $ | 3,452 |  |  | $ | 3,716 |  |  |  |  |
Short-term lease cost | 121 |  |  | 45 |  |  | 200 |  |  | 102 |  |  |  |  |
Variable lease cost | 365 |  |  | 435 |  |  | 746 |  |  | 808 |  |  |  |  |
Sublease income (1) | (179) |  |  | (202) |  |  | (358) |  |  | (331) |  |  |  |  |
Total lease cost | $ | 2,032 |  |  | $ | 2,130 |  |  | $ | 4,040 |  |  | $ | 4,295 |  |  |  |  |
(1)Sublease income does not include rental income received from owned property, which is not material. Concurrent with the sale of the building in Irvine, California, on August 1, 2024, the Company entered into a lease agreement for an office space in Irvine. The lease commenced on November 1, 2024 and has an expiration date of July 31, 2032. See Note 5 – Assets held for sale for further discussion. The average annual rent for the lease term will be $0.7 million. On 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 and the last five years are $1.2 million and $1.3 million, respectively. The weighted-average lease term and weighted-average discount rate for operating leases as of November 23, 2024 and May 25, 2024 are presented in the following table:
| As of November 23, 2024 |  | As of May 25, 2024
Weighted-average remaining lease term | 6.4 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 |  | Six Months Ended |  |
| November 23, 2024 |  | November 25, 2023 |  | November 23, 2024 |  | November 25, 2023 |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,754 |  |  | $ | 2,120 |  |  | $ | 3,446 |  |  | $ | 4,329 |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 2,789 |  |  | $ | 1,937 |  |  | $ | 15,874 |  |  | $ | 2,920 |  |  |  |  |
Future maturities of operating lease liabilities as of November 23, 2024 are presented in the following table (in thousands):
Fiscal Years: | Operating Lease Maturity
2025 (remaining six months) | $ | 3,392 |
2026 | 5,976 |
2027 | 4,872 |
2028 | 4,484 |
2029 | 3,638 |
Thereafter | 10,624 |
Total future lease payments | 32,986 |
Less: interest | (5,230) |
Present value of operating lease liabilities | $ | 27,756 |

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- 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
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