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38 Darden Restaurants, Inc. 2012 Annual Report
Consolidated Statements of Cash Flows
Darden
Fiscal Year Ended
May 27, May 29, May 30,
(in millions) 2012 2011 2010
Cash฀flows฀–฀operating฀activities
Net earnings $ 475.5 $ 476.3 $ 404.5
Losses from discontinued operations, net of tax 1.0 2.4 2.5
Adjustments to reconcile net earnings from continuing operations to cash flows:
Depreciation and amortization 349.1 316.8 300.9
Asset impairment charges, net 0.5 4.7 6.2
Amortization of loan costs 6.7 2.8 3.3
Stock-based compensation expense 56.1 66.6 53.5
Change in current assets and liabilities (191.4) 12.2 144.3
Contributions to pension and postretirement plan (22.7) (13.2) (0.6)
Loss on disposal of land, buildings and equipment 7.1 6.9 0.3
Change in cash surrender value of trust-owned life insurance 4.1 (13.7) (7.7)
Deferred income taxes 36.1 28.8 (10.2)
Change in deferred rent 18.5 17.1 15.4
Change in other liabilities 15.8 (15.4) (14.4)
Income tax benefits from exercise of stock-based compensation credited to goodwill 0.6 0.2 1.4
Other, net 5.2 2.2 4.0
Net cash provided by operating activities of continuing operations $ 762.2 $ 894.7 $ 903.4
Cash฀flows฀–฀investing฀activities
Purchases of land, buildings and equipment (639.7) (547.7) (432.1)
Proceeds from disposal of land, buildings and equipment 3.3 7.0 12.5
Purchases of marketable securities (32.1) (6.5) (15.5)
Proceeds from sale of marketable securities 21.3 5.1 12.8
Cash used in business acquisitions, net of cash acquired (58.5) — —
Increase in other assets (15.9) (10.6) (6.4)
Net cash used in investing activities of continuing operations $ (721.6) $ (552.7) $(428.7)
Cash฀flows฀–฀financing฀activities
Proceeds from issuance of common stock 70.2 63.0 66.3
Income tax benefits credited to equity 17.9 17.7 20.1
Dividends paid (223.9) (175.5) (140.0)
Purchases of treasury stock (375.1) (385.5) (85.1)
ESOP note receivable repayments 2.1 1.8 1.8
Proceeds from issuance of short-term debt 2,321.0 1,454.9 401.2
Repayments of short-term debt (2,243.8) (1,269.4) (551.2)
Repayments of long-term debt (2.1) (226.8) (1.8)
Principal payments on capital leases (1.6) (1.2) (1.3)
Proceeds from issuance of long-term debt 400.0 — —
Payment of debt issuance costs (5.1) — —
Net cash used in financing activities of continuing operations $ (40.4) $ (521.0) $(290.0)
Cash฀flows฀–฀discontinued฀operations
Net cash used in operating activities of discontinued operations (0.5) (2.1) (1.4)
Net cash provided by investing activities of discontinued operations 0.3 2.8 2.6
Net cash (used in) provided by discontinued operations $ (0.2) $ 0.7 $ 1.2
(Decrease) increase in cash and cash equivalents — (178.3) 185.9
Cash฀and฀cash฀equivalents฀–฀beginning฀of฀year฀ 70.5 248.8 62.9
Cash฀and฀cash฀equivalents฀–฀end฀of฀year฀ $ 70.5 $ 70.5 $ 248.8
Cash flows from changes in current assets and liabilities
Receivables, net (6.1) (5.9) (15.8)
Inventories (103.0) (79.3) 26.2
Prepaid expenses and other current assets (6.6) (5.0) (5.0)
Accounts payable (10.2) 5.5 27.6
Accrued payroll (13.3) 5.3 23.6
Prepaid/accrued income taxes (16.3) 4.7 52.7
Other accrued taxes (3.9) 2.3 1.8
Unearned revenues 31.1 27.3 26.9
Other current liabilities (63.1) 57.3 6.3
Change in current assets and liabilities $ (191.4) $ 12.2 $ 144.3
See accompanying notes to consolidated financial statements.