Red Lobster 2015 Annual Report Download - page 32

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28
CONSOLIDATED BALANCE SHEETS
DARDEN
May 31, May 25,
(in millions) 2015 2014
Assets
Current assets:
Cash and cash equivalents $ 535.9 $ 98.3
Receivables, net 78.0 83.8
Inventories 163.9 196.8
Prepaid income taxes 18.9 10.9
Prepaid expenses and other current assets 69.4 71.7
Deferred income taxes 157.4 124.0
Assets held for sale 32.9 1,390.3
Total current assets $1,056.4 $1,975.8
Land, buildings and equipment, net 3,215.8 3,381.0
Goodwill 872.4 872.5
Trademarks 574.6 574.6
Other assets 275.5 278.8
Total assets $5,994.7 $7,082.7
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 198.8 $ 233.1
Short-term debt — 207.6
Accrued payroll 141.1 125.7
Accrued income taxes 12.6 —
Other accrued taxes 51.5 64.5
Unearned revenues 328.6 299.7
Current portion of long-term debt 15.0 15.0
Other current liabilities 449.1 457.4
Liabilities associated with assets held for sale — 215.5
Total current liabilities $1,196.7 $1,618.5
Long-term debt, less current portion 1,452.3 2,463.4
Deferred income taxes 341.8 286.1
Deferred rent 225.9 206.2
Other liabilities 444.5 351.6
Total liabilities $3,661.2 $4,925.8
Stockholders’ equity:
Common stock and surplus, no par value. Authorized 500.0 shares; issued 127.9 and 133.6 shares,
respectively; outstanding 126.7 and 132.3 shares, respectively 1,405.9 1,302.2
Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding — —
Retained earnings 1,026.0 995.8
Treasury stock, 1.3 and 1.3 shares, at cost, respectively (7.8) (7.8)
Accumulated other comprehensive income (loss) (86.6) (128.1)
Unearned compensation (4.0) (5.2)
Total stockholders’ equity $2,333.5 $2,156.9
Total liabilities and stockholders’ equity $5,994.7 $7,082.7
See accompanying notes to consolidated financial statements.