Red Lobster 2007 Annual Report Download - page 36

34 Darden Restaurants, Inc. Annual Report 2007
Consolidated Balance Sheets C
(In millions) May 27, 2007 May 28, 2006
Assets
Current assets:
Cash and cash equivalents $ 30.2 $ 42.3
Receivables, net 46.4 37.1
Inventories, net 209.6 198.7
Prepaid expenses and other current assets 33.5 29.9
Deferred income taxes 81.7 69.6
Assets held for sale ( Note 2) 144.0 –
Total current assets $ 545.4 $ 377.6
Land, buildings and equipment, net 2,184.4 2,446.0
Other asset s 151.0 186.6
Total ass ets $ 2,880.8 $ 3,010.2
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 178.0 $ 213.2
Short-term debt 211.4 44.0
Accrued payroll 108.5 123.2
Accrued income taxes 75.9 64.8
Other accrued taxes 43.4 46.9
Un earned revenues 109.9 100.8
Current portion of long-term debt – 149.9
Other current liabilities 305.0 283.3
Liabilities associated w ith assets held for sale (Note 2) 42.3 –
Total current liabilities $ 1,074.4 $ 1,026.1
Long-term debt, less current portion 491.6 494.7
Deferred income taxes 25.8 90.6
Deferred rent 127.1 138.5
Other li abilities 67.4 30.5
Total liabili
ties $ 1,786.3 $ 1,780.4
Stockholders’ equity:
Common stock and surplus, no par value. Authorized 500.0 shares; issued 277.7
and 274.7 shares, respectively; outstanding 141.4 and 147.0 shares, respectively $ 1,904.3 $ 1,806.4
Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding – –
Retained earnings 1,820.4 1,684.7
Treasury stock, 136.3 and 127.7 shares, at cost, respectively (2,576.5) (2,211.2)
Accumulated other comprehensive income (loss) (32.8) (5.5)
Unearned compensation (20.6) (44.2)
Officer notes receivable (0.3) (0.4)
Total stockholder
s’ equity $ 1,094.5 $ 1,229.8
Total liabilities and stoc
kholders’ eq uity $ 2,880.8 $ 3,010.2
See accompanying notes to consolidated financial statements.