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Lease Obligations and Other Commitments (Tables)
9 Months Ended
Feb. 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

 

February 26, 2022

 

 

May 29, 2021

 

Operating lease ROU asset

 

$

3,263

 

 

$

2,262

 

Financing lease ROU asset

 

 

239

 

 

 

308

 

Total lease ROU asset

 

$

3,502

 

 

$

2,570

 

 

 

 

 

 

 

 

 

 

Operating lease liability current

 

$

1,149

 

 

$

918

 

Financing lease liability current

 

 

15

 

 

 

148

 

Total lease liability current

 

$

1,164

 

 

$

1,066

 

 

 

 

 

 

 

 

 

 

Operating lease liability non-current

 

$

2,113

 

 

$

1,358

 

Total lease liability non-current

 

$

2,113

 

 

$

1,358

 

Components of Lease Costs


 

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

 

 

 

 

Three Months Ended

 

 

 

 

 

February 26, 2022

 

 

February 27, 2021

 

Consolidated operating lease expense

 

Operating expenses

 

$

452

 

 

$

484

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated financing lease amortization

 

Operating expenses

 

 

23

 

 

 

23

 

Consolidated financing lease interest

 

Interest expense

 

 

1

 

 

 

2

 

Consolidated financing lease expense

 

 

 

 

24

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

Net lease cost

 

 

 

$

476

 

 

$

509

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

February 26, 2022

 

 

February 27, 2021

 

Consolidated operating lease expense

 

Operating expenses

 

$

1,353

 

 

$

1,474

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated financing lease amortization

 

Operating expenses

 

 

69

 

 

 

69

 

Consolidated financing lease interest

 

Interest expense

 

 

4

 

 

 

9

 

Consolidated financing lease expense

 

 

 

 

73

 

 

 

78

 

 

 

 

 

 

 

 

 

 

 

 

Net lease cost

 

 

 

$

1,426

 

 

$

1,552

 

 

Schedule of Future Minimum Lease Payments under Operating and Financing Leases

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

 

Fiscal Year

 

Operating Leases

 

 

Financing Leases

 

 

Total

 

Remaining 2022

 

$

338

 

 

$

15

 

 

$

353

 

2023

 

 

1,218

 

 

 

 

 

 

1,218

 

2024

 

 

838

 

 

 

 

 

 

838

 

2025

 

 

586

 

 

 

 

 

 

586

 

2026

 

 

401

 

 

 

 

 

 

401

 

Thereafter

 

 

94

 

 

 

 

 

 

94

 

     Total lease payments

 

 

3,475

 

 

 

15

 

 

 

3,490

 

Less imputed interest

 

 

213

 

 

 

 

 

 

213

 

     Net minimum lease payments

 

$

3,262

 

 

$

15

 

 

$

3,277

 

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 February 26, 2022 were as follows:

Lease Type

 

Weighted Average Remaining

Lease Term in Years

 

Weighted Average Interest Rate

 

Operating leases

 

3.4

 

4.5%

 

Financing leases

 

0.1

 

4.6%

 

Schedule of Cash Outflows of Leasing Activity

 

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

 

 

 

 

Nine Months Ended

 

Cash Flow Source

 

Classification

 

February 26, 2022

 

 

February 27, 2021

 

Operating cash flows from operating leases

 

Operating activities

 

$

986

 

 

$

430

 

Operating cash flows from financing leases

 

Operating activities

 

 

133

 

 

 

127

 

Finance cash flows from financing leases

 

Financing activities

 

 

136

 

 

 

136