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Fair Value Measures (Policy)
 12 Months Ended
May 28, 2022
Fair Value Measures [Abstract]  
Fair Value Measurement
The Company
 
is required
 
to categorize
 
both financial
 
and nonfinancial
 
assets and
 
liabilities based
 
on the
 
following fair
 
value
hierarchy. The
 
fair value
 
of an
 
asset is
 
the price
 
at which
 
the asset
 
could be
 
sold in
 
an orderly
 
transaction between
 
unrelated,
knowledgeable, and willing
 
parties able to engage in
 
the transaction. A liability’s
 
fair value is defined
 
as the amount that would
be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be
 
paid to settle
the liability with the creditor.
●
Level 1
 
- Quoted prices in active markets for identical assets or liabilities
●
Level 2
 
- Inputs
 
other than
 
quoted
 
prices included
 
in Level
 
1 that
 
are observable
 
for the
 
asset or
 
liability,
 
either
directly or indirectly,
 
including:
o
Quoted prices for similar assets or liabilities in active markets
o
Quoted prices for identical or similar assets in non-active markets
o
Inputs other than quoted prices that are observable for the asset or liability
o
Inputs derived principally
 
from or corroborated by other observable market data
●
Level 3
 
- Unobservable inputs
 
for the asset
 
or liability supported
 
by little or
 
no market activity
 
and are significant
to the fair value of the assets or liabilities
 
The disclosure of fair value of certain financial assets and liabilities recorded
 
at cost are as follows:
Cash and cash equivalents, accounts receivable,
 
and accounts payable:
 
The carrying amount approximates fair value due to the
short maturity of these instruments.
 
Lease obligations:
 
The carrying value of the Company’s lease obligations
 
is at its present value which approximates fair value.
Assets and Liabilities Measured at Fair
 
Value
 
on a Recurring Basis
In accordance with
 
the fair value hierarchy
 
described above, the
 
following table shows the
 
fair value of our
 
financial assets and
liabilities that are required to be measured at fair value on a recurring basis
 
as of May 28, 2022 and May 29, 2021 (in thousands):