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36
Financial Review 2004
Consolidated฀Statements฀of Changes in Stockholders’
Equity and Accumulated Other Comprehensive Income (Loss)
฀ Common฀ ฀ ฀ Accumulated฀Other฀ ฀ ฀ Total
฀฀฀฀฀฀ Stock฀and฀ Retained฀ Treasury฀ Comprehensive฀ Unearned฀ Officer฀Notes฀ Stockholders’
(In฀thousands,฀except฀per฀share฀data)
฀ Surplus฀ Earnings฀ Stock฀ Income฀(Loss)฀ Compensation฀ Receivable฀ Equity
Balance฀at฀May฀27,฀2001฀ $1,405,799฀ $฀฀฀532,121฀ $฀฀฀฀(840,254)฀ $(13,102)฀ $฀(49,322)฀ $(1,924)฀ $1,033,318
Comprehensive฀income:
฀ Net฀earnings฀ –฀ 237,788฀ –฀ –฀ –฀ –฀ 237,788
฀ Other฀comprehensive฀income฀(loss):
฀ ฀ Foreign฀currency฀adjustment฀ –฀ ฀–฀ –฀ 169฀ –฀ ฀–฀ 169
฀ ฀ Change฀in฀fair฀value฀of฀derivatives,฀net฀of฀tax฀of฀$234฀฀ –฀ –฀ –฀ 380฀ –฀ –฀ 380
฀ ฀ Minimum฀pension฀liability฀adjustment,฀฀
฀ ฀ ฀ net฀of฀tax฀benefit฀of฀$177฀ –฀ –฀ –฀ (288)฀ –฀ –฀ (288)
฀ ฀ ฀ ฀ Total฀comprehensive฀income฀ ฀ ฀ ฀ ฀ ฀ ฀ 238,049
Cash฀dividends฀declared฀($0.053฀per฀share)฀ –฀ (9,225)฀ –฀ ฀–฀ –฀ –฀ (9,225)
Stock฀option฀exercises฀(4,310฀shares)฀ 34,742฀ –฀ 1,364฀฀ ฀–฀ –฀ –฀ 36,106
Issuance฀of฀restricted฀stock฀(438฀shares),฀฀
฀ net฀of฀forfeiture฀adjustments฀ 5,666฀ –฀ 815฀ –฀ ฀(6,493)฀฀฀฀฀ –฀ (12)
Earned฀compensation฀ –฀ –฀ –฀ –฀ 4,392฀ –฀ 4,392
ESOP฀note฀receivable฀repayments฀ –฀ –฀ –฀ ฀–฀ 5,315฀ –฀ 5,315
Income฀tax฀benefits฀credited฀to฀equity฀ 24,989฀ –฀ ฀–฀ ฀–฀ –฀ –฀ 24,989
Purchases฀of฀common฀stock฀for฀treasury฀(8,972฀shares)฀ –฀ –฀ (208,578)฀ –฀ –฀ ฀–฀ (208,578)
Issuance฀of฀treasury฀stock฀under฀Employee฀฀
฀ Stock฀Purchase฀Plan฀and฀other฀plans฀(290฀shares)฀ 2,858฀ –฀ 1,738฀ –฀ –฀ –฀ 4,596
Issuance฀of฀officer฀notes,฀net฀ –฀ –฀ –฀ –฀ –฀ (73)฀ (73)
Balance฀at฀May฀26,฀2002฀ $1,474,054฀฀ $฀฀฀760,684฀฀ $(1,044,915)฀฀ $(12,841)฀฀ $฀(46,108)฀฀ $(1,997)฀฀ $1,128,877฀
Comprehensive฀income:
฀ Net฀earnings฀ –฀ 232,260฀ –฀ –฀ –฀ –฀ 232,260
฀ Other฀comprehensive฀income฀(loss):฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ Foreign฀currency฀adjustment฀ –฀ –฀ –฀ 2,579฀ –฀ –฀ 2,579
฀ ฀ Change฀in฀fair฀value฀of฀derivatives,฀net฀of฀tax฀of฀$0฀ –฀ –฀ –฀ 2฀ –฀ –฀ 2
฀ ฀ Minimum฀pension฀liability฀adjustment,฀
฀ ฀ ฀ net฀of฀tax฀benefit฀of฀$141฀ –฀ –฀ –฀ (229)฀ –฀ –฀ (229)
฀ ฀ ฀ ฀ Total฀comprehensive฀income฀ ฀ ฀ ฀ ฀ ฀ ฀ 234,612
Cash฀dividends฀declared฀($0.080฀per฀share)฀ –฀ (13,501)฀ –฀ ฀–฀ –฀ –฀ (13,501)
Stock฀option฀exercises฀(3,133฀shares)฀ 27,261฀ –฀ 1,652฀ ฀–฀ –฀ –฀ 28,913
Issuance฀of฀restricted฀stock฀(148฀shares),฀net
฀ of฀forfeiture฀adjustments฀ 4,429฀ –฀ 600฀ –฀ (5,029)฀ ฀–฀ –
Earned฀compensation฀ –฀ –฀ –฀ –฀ 3,579฀ ฀–฀ 3,579
ESOP฀note฀receivable฀repayments฀ –฀ –฀ –฀ –฀ 4,710฀ –฀ 4,710
Income฀tax฀benefits฀credited฀to฀equity฀ 16,385฀ –฀ –฀ –฀ –฀ –฀ 16,385
Purchases฀of฀common฀stock฀for฀treasury฀(10,746฀shares)฀ –฀ –฀ (213,311)฀ –฀ –฀ –฀ (213,311)
Issuance฀of฀treasury฀stock฀under฀Employee
฀ Stock฀Purchase฀Plan฀and฀other฀plans฀(280฀shares)฀ 3,828฀ –฀ 1,681฀ –฀ –฀ –฀ 5,509
Issuance฀of฀officer฀notes,฀net฀ –฀ –฀ –฀ –฀ –฀ 418฀ 418
Balance฀at฀May฀25,฀2003฀ $1,525,957฀฀ $฀฀฀979,443฀฀ $(1,254,293)฀฀ $(10,489)฀฀ $฀(42,848)฀฀ $(1,579)฀฀ $1,196,191฀฀
Comprehensive฀income:฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ Net฀earnings฀ –฀ 231,462฀ –฀ –฀ –฀ –฀ 231,462
฀ Other฀comprehensive฀income฀(loss):฀ ฀ ฀ ฀ ฀ ฀ ฀
฀฀฀฀฀฀ Foreign฀currency฀adjustment฀ –฀ –฀ –฀ 394฀ –฀ –฀ 394
฀ ฀ Change฀in฀fair฀value฀of฀derivatives,฀net฀of฀tax฀of฀฀$51฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀–฀ 205฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ 205
฀ ฀ Minimum฀pension฀liability฀adjustment,฀
฀ ฀ ฀ net฀of฀tax฀benefit฀of฀฀$45฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀฀–฀ (69)฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ (69)
฀ ฀ ฀ ฀ Total฀comprehensive฀income฀ ฀ ฀ ฀ ฀ ฀ ฀ 231,992
Cash฀dividends฀declared฀($0.080฀per฀share)฀ –฀ (12,984)฀ –฀ –฀ –฀ –฀ (12,984)
Stock฀option฀exercises฀(3,464฀shares)฀ 30,972฀ –฀ 3,685฀ –฀ –฀ –฀ 34,657
Issuance฀of฀restricted฀stock฀(409฀shares),฀net
฀ of฀forfeiture฀adjustments฀ 7,605฀ ฀฀฀฀฀฀฀–฀ 173฀ ฀฀฀฀฀฀฀–฀ (7,778)฀ ฀฀฀฀฀฀฀–฀ –
Earned฀compensation฀ –฀ –฀ –฀ –฀ 4,198฀ ฀–฀ 4,198
ESOP฀note฀receivable฀repayments฀ –฀ –฀ –฀ –฀ 5,027฀ –฀ 5,027
Income฀tax฀benefits฀credited฀to฀equity฀ 15,650฀ –฀ –฀ –฀ –฀ –฀ 15,650
Purchases฀of฀common฀stock฀for฀treasury฀(10,749฀shares)฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ (235,462)฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀–฀ (235,462)
Issuance฀of฀treasury฀stock฀under฀Employee
฀ Stock฀Purchase฀Plan฀and฀other฀plans฀(357฀shares)฀ 3,931฀ ฀฀฀฀฀฀฀–฀ 2,129฀ ฀฀฀฀฀฀฀฀฀–฀ ฀฀฀฀฀฀฀฀฀฀–฀ –฀ 6,060
Issuance฀of฀officer฀notes,฀net฀ –฀ –฀ –฀ –฀ –฀ 441฀ 441
Balance฀at฀May฀30,฀2004฀ $1,584,115฀ $1,197,921฀ $(1,483,768)฀ $฀฀฀(9,959)฀ $฀(41,401)฀ $(1,138)฀ $1,245,770
See฀accompanying฀notes฀to฀consolidated฀financial฀statements.