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42 Darden Restaurants, Inc. 2009 Annual Report
May 31, May 25,
(In millions) 2009 2008
Assets
Current assets:
Cash and cash equivalents $ 62.9 $ 43.2
Receivables, net 37.1 69.5
Inventories 247.0 216.7
Prepaid income taxes 53.2 4.9
Prepaid expenses and other current assets 44.2 41.8
Deferred income taxes 110.4 91.8
Total current assets $ 554.8 $ 467.9
Land, buildings and equipment, net 3,306.7 3,066.0
Goodwill 518.7 519.9
Trademarks 454.4 455.0
Other assets 190.6 221.8
Total assets $ 5,025.2 $ 4,730.6
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 237.0 $ 245.1
Short-term debt 150.0 178.4
Accrued payroll 138.3 129.3
Accrued income taxes – 2.4
Other accrued taxes 60.2 55.4
Unearned revenues 138.3 160.5
Other current liabilities 372.3 365.1
Total current liabilities $ 1,096.1 $ 1,136.2
Long-term debt, less current portion 1,632.3 1,634.3
Deferred income taxes 297.0 197.6
Deferred rent 154.6 139.0
Obligations under capital leases, net of current installments 58.9 59.9
Other liabilities 180.3 154.5
Total liabilities $ 3,419.2 $ 3,321.5
Stockholders’ equity:
Common stock and surplus, no par value. Authorized 500.0 shares;
issued 282.9 and 279.8 shares, respectively; outstanding 139.3 and 140.5 shares, respectively $ 2,183.1 $ 2,074.9
Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding – –
Retained earnings 2,357.4 2,096.0
Treasury stock, 143.6 and 139.3 shares, at cost, respectively (2,864.2) (2,724.0)
Accumulated other comprehensive income (loss) (57.2) (20.7)
Unearned compensation (13.0) (17.0)
Officer notes receivable (0.1) (0.1)
Total stockholders’ equity $ 1,606.0 $ 1,409.1
Total liabilities and stockholders’ equity $ 5,025.2 $ 4,730.6
See accompanying notes to consolidated financial statements.
Consolidated Balance Sheets