Red Lobster 2003 Annual Report Download - page 30

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28 DARDEN RESTAURANTS
Darden Restaurants
Consolidated Balance Sheets
(In thousands) May 25, 2003 May 26, 2002
ASSETS
Current assets:
Cash and cash equivalents $ 48,630 $ 152,875
Short-term investments – 9,904
Receivables 29,023 29,089
Inventories 173,644 172,413
Assets held for disposal – 3,868
Prepaid expenses and other current assets 25,126 23,076
Deferred income taxes 49,206 52,127
Total current assets $ 325,629 $ 443,352
Land, buildings, and equipment 2,157,132 1,926,947
Other assets 181,872 159,437
Total assets $ 2,664,633 $ 2,529,736
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 175,991 $ 160,064
Accrued payroll 85,975 87,936
Accrued income taxes 67,975 68,504
Other accrued taxes 35,069 30,474
Unearned revenues 72,698 56,632
Other current liabilities 202,201 197,404
Total current liabilities $ 639,909 $ 601,014
Long-term debt 658,086 662,506
Deferred income taxes 150,537 117,709
Other liabilities 19,910 19,630
Total liabilities $ 1,468,442 $ 1,400,859
Stockholders’ equity:
Common stock and surplus, no par value.
Authorized 500,000 shares; issued 261,463 and
258,426 shares, respectively; outstanding 164,950
and 172,135 shares, respectively $ 1,525,957 $ 1,474,054
Preferred stock, no par value. Authorized 25,000 shares;
none issued and outstanding – –
Retained earnings 979,443 760,684
Treasury stock, 96,513 and 86,291 shares,
at cost, respectively (1,254,293) (1,044,915)
Accumulated other comprehensive income (10,489) (12,841)
Unearned compensation (42,848) (46,108)
Officer notes receivable (1,579) (1,997)
Total stockholders’ equity $ 1,196,191 $ 1,128,877
Total liabilities and stockholders’ equity $ 2,664,633 $ 2,529,736
See accompanying notes to consolidated financial statements.