Note 5 - Property, Equipment, and Assets Held for Sale
 6 Months Ended
Nov. 29, 2016
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]
5.
Property, Equipment,
and
Assets Held for Sale
 
Property and equipment, net, is comprised of the following (in thousands):
 
 
 
November 29
, 2016
 
 
May 31, 2016
 
Land
 
$
182,784
 
 
$
209,930
 
Buildings
 
 
372,027
 
 
 
398,984
 
Improvements
 
 
277,027
 
 
 
303,032
 
Restaurant equipment
 
 
210,761
 
 
 
222,646
 
Other equipment
 
 
75,149
 
 
 
82,204
 
Surplus properties*
 
 
19,146
 
 
 
4,354
 
Construction in progress and other
 
 
5,741
 
 
 
3,325
 
 
 
 
1,142,635
 
 
 
1,224,475
 
Less accumulated depreciation
 
 
525,202
 
 
 
553,225
 
Property and equipment, net
 
$
617,433
 
 
$
671,250
 
 
* Surplus properties represent assets held for sale that are not classified as such in the Consolidated Balance Sheets as we
have yet to conclude that we can sell these assets within the next
12
months. These assets primarily consist of parcels of land upon which we have no intention to build restaurants, closed properties which include a building, and liquor licenses not needed for operations.
 
Included within the current assets section of our
Condensed Consolidated Balance Sheets at
November
29,
2016
and
May
31,
2016
are amounts classified as assets held for sale totaling
$26.7
million and
$4.6
million, respectively. Assets held for sale primarily consist of parcels of land upon which we have no intention to build restaurants, land and buildings of closed restaurants, and various liquor licenses. During the
13
and
26
weeks ended
November
29,
2016,
we sold properties with carrying values of
$8.4
million for both periods, at net losses of
$2.4
million and
$2.3
million, respectively. Cash proceeds, net of broker fees, from these sales during the
13
and
26
weeks ended
November
29,
2016
totaled
$6.0
million and
$6.1
million, respectively. During the
13
and
26
weeks ended
December
1,
2015,
we sold properties with carrying values of
$0.6
million and
$2.7
million, respectively, at net gains of
$0.4
million and
$1.0
million, respectively. Cash proceeds, net of broker fees, from these sales during the
13
and
26
weeks ended
December
1,
2015
totaled
$1.0
million and
$3.7
million, respectively.