Red Lobster 2010 Annual Report Download - page 43

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Common Accumulated
Stock Other Officer Total
and Retained Treasury Comprehensive Unearned Notes Stockholders’
(in millions, except per share data) Surplus Earnings Stock Income (Loss) Compensation Receivable Equity
Balances at May 27, 2007 $1,904.3 $1,820.4 $(2,576.5) $(32.8) $(20.6) $(0.3) $1,094.5
Comprehensive income:
฀ Net฀earnings฀ –฀ 377.2฀ –฀ –฀ –฀ –฀ 377.2
Other comprehensive income (loss):
฀฀ ฀ Foreign฀currency฀adjustment฀฀ –฀ –฀ –฀ 3.3฀ –฀ –฀ 3.3
Change in fair value of derivatives,
฀ ฀ ฀ net฀of฀tax฀of฀$2.6฀ –฀ –฀ –฀ 0.7฀ –฀ –฀ 0.7
฀฀ ฀ Benefit฀plans,฀net฀of฀tax฀of฀$5.0฀฀ –฀ –฀ –฀ 8.1฀ –฀ –฀ 8.1
Total comprehensive income 389.3
Adjustment related to adoption of FIN 48,
฀ net฀of฀tax฀of฀$0.4฀ –฀ (0.7)฀ –฀ –฀ –฀ –฀ (0.7)
Cash฀dividends฀declared฀($0.72฀per฀share)฀ –฀ (100.9)฀ –฀ –฀ –฀ –฀ (100.9)
Stock฀option฀exercises฀(3.3฀shares)฀ 53.6฀ –฀ 7.9฀ –฀ –฀ –฀ 61.5
Stock-based฀compensation฀ 46.6฀ –฀ –฀ –฀ –฀ –฀ 46.6
Stock-based฀awards฀included฀in฀cost฀of฀RARE฀acquisition฀ 40.5฀ –฀ –฀ –฀ –฀ –฀ 40.5
ESOP฀note฀receivable฀repayments฀ –฀ –฀ –฀ –฀ 3.6฀ –฀ 3.6
Income฀tax฀benefits฀credited฀to฀equity฀ 23.5฀ –฀ –฀ –฀ –฀ –฀ 23.5
Purchases฀of฀common฀stock฀for฀treasury฀(5.0฀shares)฀ –฀ –฀ (159.4)฀ –฀ –฀ –฀ (159.4)
Issuance of treasury stock under Employee
฀ Stock฀Purchase฀Plan฀and฀other฀plans฀(0.2฀shares)฀ 6.4฀ –฀ 4.0฀ –฀ –฀ –฀ 10.4
Repayment฀of฀officer฀notes฀ –฀ –฀ –฀ –฀ –฀ 0.2฀ 0.2
Balances at May 25, 2008 $2,074.9 $2,096.0 $(2,724.0) $(20.7) $(17.0) $(0.1) $1,409.1
Comprehensive income:
฀ Net฀earnings฀ –฀ 372.2฀ –฀ –฀ –฀ –฀ 372.2
Other comprehensive income (loss):
฀ ฀ Foreign฀currency฀adjustment฀฀ –฀ –฀ –฀ (2.7)฀ –฀ –฀ (2.7)
Change in fair value of marketable securities,
฀ ฀ ฀ net฀of฀tax฀of฀$0.2฀ –฀ –฀ –฀ (0.3)฀ –฀ –฀ (0.3)
Change in fair value of derivatives,
฀ ฀ ฀ net฀of฀tax฀of฀$2.9฀ –฀ –฀ –฀ (2.8)฀ –฀ –฀ (2.8)
Net unamortized (gain) loss arising during period,
including amortization of unrecognized net
฀ ฀ ฀ actuarial฀loss,฀net฀of฀taxes฀$19.1฀฀ –฀ –฀ –฀ (30.7)฀ –฀ –฀ (30.7)
Total comprehensive income 335.7
Adjustment related to adoption of measurement date
฀ provisions฀of฀SFAS฀No.฀158,฀net฀of฀tax฀of฀$0.3฀ –฀ (0.6)฀ –฀ –฀ –฀ –฀ (0.6)
Cash฀dividends฀declared฀($0.80฀per฀share)฀ –฀ (110.2)฀ –฀ –฀ –฀ –฀ (110.2)
Stock฀option฀exercises฀(3.3฀shares)฀ 48.1฀ –฀ 2.7฀ –฀ –฀ –฀ 50.8
Stock-based฀compensation฀ 32.6฀ –฀ –฀ –฀ –฀ –฀ 32.6
ESOP฀note฀receivable฀repayments฀ –฀ –฀ –฀ –฀ 4.0฀ –฀ 4.0
Income฀tax฀benefits฀credited฀to฀equity฀ 22.2฀ –฀ –฀ –฀ –฀ –฀ 22.2
Purchases฀of฀common฀stock฀for฀treasury฀(5.1฀shares)฀ –฀ –฀ (144.9)฀ –฀ –฀ –฀ (144.9)
Issuance of treasury stock under Employee
฀ Stock฀Purchase฀Plan฀and฀other฀plans฀(0.3฀shares)฀ 5.3฀ –฀ 2.0฀ –฀ –฀ –฀ 7.3
Balances at May 31, 2009 $2,183.1 $2,357.4 $(2,864.2) $(57.2) $(13.0) $(0.1) $1,606.0
Comprehensive income:
Net earnings – 404.5 – – – – 404.5
Other comprehensive income (loss):
Foreign currency adjustment – – – 1.5 – – 1.5
Change in fair value of marketable securities,
net of tax of $0.0 – – – – – – –
Change in fair value of derivatives,
net of tax of $2.5 – – – – – – –
Net unamortized (gain) loss arising during period,
including amortization of unrecognized net
actuarial loss, net of taxes $9.5 – – – (15.4) – – (15.4)
Total comprehensive income 390.6
Cash dividends declared ($1.00 per share) – (140.0) – – – – (140.0)
Stock option exercises (2.9 shares) 55.0 – 4.3 – – – 59.3
Stock-based compensation 33.6 – – – – – 33.6
ESOP note receivable repayments – – – – 1.8 – 1.8
Income tax benefits credited to equity 20.1 – – – – – 20.1
Purchases of common stock for treasury (2.0 shares) – – (85.1) – – – (85.1)
Issuance of treasury stock under Employee
Stock Purchase Plan and other plans (0.3 shares) 6.1 – 1.5 – – – 7.6
Repayment of officer notes – – – – – 0.1 0.1
Balances at May 30, 2010 $2,297.9 $2,621.9 $(2,943.5) $(71.1) $(11.2) $ 0.0 $1,894.0
See accompanying notes to consolidated financial statements.
DARDEN RESTAURANTS, INC. | 2010 ANNUAL REPORT 41
Consolidated Statements of Changes in Stockholders’ Equity and
Accumulated Other Comprehensive Income (Loss)
Darden