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36 Darden Restaurants, Inc. 2012 Annual Report
Consolidated Balance Sheets
Darden
May 27, May 29,
(in millions) 2012 2011
Assets
Current assets:
Cash and cash equivalents $ 70.5 $ 70.5
Receivables, net 71.4 65.4
Inventories 404.1 300.1
Prepaid income taxes 12.2 5.2
Prepaid expenses and other current assets 74.9 77.0
Deferred income taxes 124.5 145.6
Total current assets $ 757.6 $ 663.8
Land, buildings and equipment, net 3,951.3 3,622.0
Goodwill 538.6 517.1
Trademarks 464.9 454.0
Other assets 231.8 209.7
Total assets $ 5,944.2 $ 5,466.6
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 260.7 $ 251.3
Short-term debt 262.7 185.5
Accrued payroll 154.3 167.1
Accrued income taxes — 9.3
Other accrued taxes 60.4 64.3
Unearned revenues 231.7 200.0
Current portion of long-term debt 349.9 —
Other current liabilities 454.4 409.3
Total current liabilities $ 1,774.1 $ 1,286.8
Long-term debt, less current portion 1,453.7 1,407.3
Deferred income taxes 312.9 345.4
Deferred rent 204.4 186.2
Obligations under capital leases, net of current installments 54.4 56.0
Other liabilities 302.7 248.7
Total liabilities $ 4,102.2 $ 3,530.4
Stockholders’ equity:
฀ Common฀stock฀and฀surplus,฀no฀par฀value.฀Authorized฀500.0฀shares;฀
฀ ฀ issued฀289.0฀and฀287.2฀shares,฀respectively;฀outstanding฀129.0฀and฀134.6฀shares,฀respectively฀ ฀ 2,518.8 2,408.8
฀ Preferred฀stock,฀no฀par฀value.฀Authorized฀25.0฀shares;฀none฀issued฀and฀outstanding฀ ฀ — —
Retained earnings 3,172.8 2,921.9
Treasury stock, 160.0 and 152.6 shares, at cost, respectively (3,695.8) (3,325.3)
Accumulated other comprehensive income (loss) (146.6) (59.8)
Unearned compensation (7.2) (9.4)
Total stockholders’ equity $ 1,842.0 $ 1,936.2
Total liabilities and stockholders’ equity $ 5,944.2 $ 5,466.6
See accompanying notes to consolidated financial statements.