Red Lobster 2016 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2016 Red Lobster annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

26
CONSOLIDATED BALANCE SHEETS
DARDEN
May 29, May 31,
(in millions) 2016 2015
ASSETS
Current assets:
Cash and cash equivalents $ 274.8 $ 535.9
Receivables, net 64.0 78.0
Inventories 175.4 163.9
Prepaid income taxes 46.1 18.9
Prepaid expenses and other current assets 76.4 69.4
Deferred income taxes 163.3 157.4
Assets held for sale 20.3 32.9
Total current assets $ 820.3 $1,056.4
Land, buildings and equipment, net 2,041.6 3,215.8
Goodwill 872.3 872.4
Trademarks 574.6 574.6
Other assets 273.8 275.5
Total assets $4,582.6 $5,994.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 241.9 $ 198.8
Accrued payroll 135.1 141.1
Accrued income taxes — 12.6
Other accrued taxes 49.1 51.5
Unearned revenues 360.4 328.6
Current portion of long-term debt — 15.0
Other current liabilities 400.6 449.1
Total current liabilities $1,187.1 $1,196.7
Long-term debt, less current portion 440.0 1,452.3
Deferred income taxes 255.2 341.8
Deferred rent 249.7 225.9
Other liabilities 498.6 444.5
Total liabilities $2,630.6 $3,661.2
Stockholders’ equity:
Common stock and surplus, no par value. Authorized 500.0 shares; issued 127.5 and 127.9 shares,
respectively; outstanding 126.2 and 126.7 shares, respectively 1,502.6 1,405.9
Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding — —
Retained earnings 547.5 1,026.0
Treasury stock, 1.3 and 1.3 shares, at cost, respectively (7.8) (7.8)
Accumulated other comprehensive income (loss) (87.0) (86.6)
Unearned compensation (3.3) (4.0)
Total stockholders’ equity $1,952.0 $2,333.5
Total liabilities and stockholders’ equity $4,582.6 $5,994.7
See accompanying notes to consolidated financial statements.