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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Aug. 30, 2020
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:

(In thousands)August 30, 2020May 31, 2020August 25, 2019May 26, 2019
Cash and cash equivalents$589 $360 $1,990 $1,080 
Restricted cash193 193 385 385 
Cash, cash equivalents and restricted cash$782 $553 $2,375 $1,465 
Schedule of Inventories
Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of the following:

(In thousands)August 30, 2020May 31, 2020
Finished goods$27,635 $35,177 
Raw materials25,794 25,856 
Work in progress6,569 5,278 
Total$59,998 $66,311 
Financing Receivable, Allowance for Credit Loss
The changes in the Company’s allowance for sales returns and credit losses are summarized in the following table (in thousands):
 Balance at
beginning of
period		Provision for expected credit lossesWrite offs,
net of
recoveries		Balance at
end of period
Three months ended August 30, 2020$438 $35 $(169)$304 
Accumulated Other Comprehensive Income (Loss) The Company’s OCI consists of net deferred gains and losses on its interest rate swap derivative instrument accounted for as a cash flow hedge. The components of AOCL, net of tax, are as follows:
(In thousands)AOCL
Balance as of May 31, 2020$(2,808)
Other comprehensive loss before reclassifications, net of tax effect(230)
Amounts reclassified from OCI534 
Other comprehensive income, net304 
Balance as of August 30, 2020$(2,504)
Schedule of Effect of Significant Unobservable Inputs for Investment
In determining the fair value of the investment in Windset, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:

August 30, 2020 Range
(Weighted Average)		May 31, 2020 Range
(Weighted Average)
Revenue growth rates
6% to 7% (6.4%)
6% to 7% (6.4%)
Expense growth rates
6% to 8% (6.6%)
6% to 8% (6.6%)
Income tax rates15%15%
Discount rates12%12%
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets The discounted cash flow valuation model used by the Company has the following sensitivity to changes in inputs and assumptions:
(In thousands)Impact on value of investment in Windset as of August 30, 2020
10% increase in revenue growth rates$1,100 
10% increase in expense growth rates$(800)
10% increase in income tax rates$(300)
10% increase in discount rates$(2,200)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:

(In thousands)Fair Value at August 30, 2020Fair Value at May 31, 2020
Assets:Level 1Level 2Level 3Level 1Level 2Level 3
Assets held for sale - nonrecurring$8,027 $— $— $— $— $2,607 
Investment in non-public company— — 56,900 — — 56,900 
Total assets$8,027 $— $56,900 $— $— $59,507 
Liabilities:
Interest rate swap contracts$— $3,154 $— $— $3,578 $— 
Total liabilities$— $3,154 $— $— $3,578 $— 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reflects the fair value roll forward reconciliation of Level 3 assets and liabilities measured at fair value for the three months ended August 30, 2020:

(In thousands)Windset Investment
Balance as of May 31, 2020$56,900 
Fair value change— 
Balance as of August 30, 2020$56,900 
Disaggregation of Revenue
The Company follows the five step, principles-based model to recognize revenue upon the transfer of promised goods or services to customers and in an amount that reflects the consideration for which the Company expects to be entitled in exchange for those goods or services. Revenue, net of estimated allowances and returns, is recognized when the Company has completed its performance obligations under a contract and control of the product is transferred to the customer. Substantially all revenue is recognized at the time shipment is made or upon delivery as control of the product is transferred to the customer. Revenue for development service contracts are generally recognized based upon the labor hours expended relative to the total expected hours as a measure of progress to depict transfer of control of the service over time. The services are not distinct and are accounted for as a single performance obligation for each customer.
For descriptions of the Company’s product offerings and segments refer to Note 11 – Business Segment Reporting in our annual report on Form 10-K for the year ended May 31, 2020.
The Company’s standard terms of sale are generally included in its contracts, purchase orders, and invoices. As such, all revenue is considered revenue recognized from contracts with customers. Shipping and other transportation costs charged to customers are recorded in both revenue and cost of goods sold. The Company has elected to account for shipping and handling as fulfillment activities, and not as a separate performance obligation. The Company’s standard payment terms with its customers generally range from 30 days to 90 days. Certain customers may receive cash-based incentives (including: volume rebates, discounts, and promotions), which are accounted for as variable consideration to the Company’s performance obligations. The Company estimates these sales incentives based on the expected amount to be provided to its customers and reduces revenues recognized towards its performance obligations. The Company does not anticipate significant changes in its estimates for variable consideration.
The Company disaggregates its revenue by segment product lines based on how it markets its products and reviews results of operations. The following tables disaggregate segment revenue by major product lines:

(In thousands)Three Months Ended
Curation Foods:August 30, 2020August 25, 2019
Fresh packaged salads and vegetables$96,179 $109,831 
Avocado products17,017 16,200 
Technology643 642 
Total$113,839 $126,673 

(In thousands)Three Months Ended
Lifecore:August 30, 2020August 25, 2019
Contract development and manufacturing organization$16,488 $11,303 
Fermentation5,316 738 
Total$21,804 $12,041