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Lease Obligations and Other Commitments (Tables)
6 Months Ended
Nov. 26, 2022
Commitments And Contingencies Disclosure [Abstract]  
Schedule of Gross Amount Assets and Liabilities Related to Operating and Financing Leases

The gross amounts of assets and liabilities related to both operating and financing leases were as follows (in thousands):

 

Lease Type

 

November 26, 2022

 

 

May 28, 2022

 

Operating lease ROU asset

 

$

2,527

 

 

$

3,024

 

Financing lease ROU asset

 

 

 

 

 

215

 

Total lease ROU asset

 

$

2,527

 

 

$

3,239

 

Operating lease liability current

 

$

1,015

 

 

$

1,109

 

Operating lease liability non-current

 

$

1,512

 

 

$

1,915

 

Components of Lease Costs

The components of lease costs were as follows (in thousands):

 

 

 

 

 

Three Months Ended

 

 

 

 

 

November 26, 2022

 

 

November 27, 2021

 

Consolidated operating lease expense

 

Operating expenses

 

$

411

 

 

$

446

 

 

 

 

 

 

 

 

 

 

Consolidated financing lease amortization

 

Operating expenses

 

 

 

 

 

23

 

Consolidated financing lease interest

 

Interest expense

 

 

 

 

 

1

 

Consolidated financing lease expense

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

Net lease cost

 

 

 

$

411

 

 

$

470

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

November 26, 2022

 

 

November 27, 2021

 

Consolidated operating lease expense

 

Operating expenses

 

$

865

 

 

$

901

 

 

 

 

 

 

 

 

 

 

Consolidated financing lease amortization

 

Operating expenses

 

 

 

 

 

46

 

Consolidated financing lease interest

 

Interest expense

 

 

 

 

 

3

 

Consolidated financing lease expense

 

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

 

 

Net lease cost

 

 

 

$

865

 

 

$

950

 

Schedule of Future Minimum Lease Payments under Operating Leases

The approximate future minimum lease payments under operating leases at November 26, 2022 were as follows (in thousands):

 

Fiscal Year

 

Operating Leases

 

Remaining 2023

 

$

611

 

2024

 

 

920

 

2025

 

 

643

 

2026

 

 

400

 

2027

 

 

75

 

Thereafter

 

 

16

 

     Total lease payments

 

 

2,665

 

Less imputed interest

 

 

138

 

     Net minimum lease payments

 

$

2,527

 

Schedule of Weighted Average Remaining Lease Terms and Interest Rates of Leases

The weighted average remaining lease terms and interest rates of leases held by the Company as of November 26, 2022 were as follows:

 

Lease Type

 

Weighted Average Remaining
Lease Term in Years

 

Weighted Average Interest Rate

Operating leases

 

2.9

 

4.2%

Schedule of Cash Outflows of Leasing Activity

The cash outflows of the leasing activity of the Company as lessee for the six months ending November 26, 2022 and November 27, 2021 were as follows (in thousands):

 

 

 

 

 

Six Months Ended

 

Cash Flow Source

 

Classification

 

November 26, 2022

 

 

November 27, 2021

 

Operating cash flows from operating leases

 

Operating activities

 

$

496

 

 

$

1,303

 

Operating cash flows from financing leases

 

Operating activities

 

 

 

 

 

88

 

Finance cash flows from financing leases

 

Financing activities

 

 

 

 

 

91