Red Lobster 2011 Annual Report Download - page 48

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Darden Restaurants, Inc.
46
Consolidated Statements of Cash Flows
Darden
Fiscal Year Ended
May 29, May 30, May 31,
(in millions) 2011 2010 2009
Cash฀flows฀—฀operating฀activities
Net earnings $ 476.3 $ 404.5 $ 372.2
Losses (earnings) from discontinued operations, net of tax 2.4 2.5 (0.4)
Adjustments to reconcile net earnings from continuing operations to cash flows:
Depreciation and amortization 316.8 300.9 283.1
Asset impairment charges, net 4.7 6.2 12.0
Amortization of loan costs 2.8 3.3 3.3
Stock-based compensation expense 66.6 53.5 41.5
Change in current assets and liabilities 12.2 144.3 (79.7)
Contributions to pension and postretirement plan (13.2) (0.6) (1.2)
Loss on disposal of land, buildings and equipment 6.9 0.3 1.1
Change in cash surrender value of trust-owned life insurance (13.7) (7.7) 17.1
Deferred income taxes 28.8 (10.2) 89.5
Change in deferred rent 17.1 15.4 16.1
Change in other liabilities (15.4) (14.4) 21.6
Income tax benefits from exercise of stock-based compensation credited to goodwill 0.2 1.4 0.9
Other, net 2.2 4.0 6.4
Net cash provided by operating activities of continuing operations $ 894.7 $ 903.4 $ 783.5
Cash฀flows฀—฀investing฀activities
Purchases of land, buildings and equipment (547.7) (432.1) (535.3)
Proceeds from disposal of land, buildings and equipment 7.0 12.5 4.6
Purchases of marketable securities (6.5) (15.5) (42.0)
Proceeds from sale of marketable securities 5.1 12.8 13.9
Increase in other assets (10.6) (6.4) (3.6)
Net cash used in investing activities of continuing operations $ (552.7) $ (428.7) $ (562.4)
Cash฀flows฀—฀financing฀activities
Proceeds from issuance of common stock 63.0 66.3 57.5
Income tax benefits credited to equity 17. 7 20.1 22.2
Dividends paid (175.5) (140.0) (110.2)
Purchases of treasury stock (385.5) (85.1) (144.9)
ESOP note receivable repayments 1.8 1.8 3.9
Proceeds from issuance (repayments) of short-term debt, net 185.5 (150.0) (28.4)
Repayment of long-term debt (226.8) (1.8) (3.9)
Principal payments on capital leases (1.2) (1.3) (1.0)
Net cash used in financing activities of continuing operations $ (521.0) $ (290.0) $ (204.8)
Cash฀flows฀—฀discontinued฀operations
Net cash used in operating activities of discontinued operations (2.1) (1.4) (1.1)
Net cash provided by investing activities of discontinued operations 2.8 2.6 4.5
Net cash provided by discontinued operations $ 0.7 $ 1.2 $ 3.4
(Decrease) increase in cash and cash equivalents (178.3) 185.9 19.7
Cash฀and฀cash฀equivalents฀—฀beginning฀of฀year฀ 248.8 62.9 43.2
Cash฀and฀cash฀equivalents฀—฀end฀of฀year฀ $ 70.5 $ 248.8 $ 62.9
Cash flows from changes in current assets and liabilities
Receivables, net (5.9) (15.8) 31.8
Inventories (79.3) 26.2 (30.2)
Prepaid expenses and other current assets (5.0) (5.0) (1.5)
Accounts payable 5.5 27.6 (25.2)
Accrued payroll 5.3 23.6 8.8
Prepaid/accrued income taxes 4.7 52.7 (55.9)
Other accrued taxes 2.3 1.8 4.9
Unearned revenues 27.3 26.9 (14.3)
Other current liabilities 57.3 6.3 1.9
Change in current assets and liabilities $ 12.2 $ 144.3 $ (79.7)
See accompanying notes to consolidated financial statements.
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