Red Lobster 2010 Annual Report Download - page 42

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May 30, May 31,
(in millions) 2010 2009
Assets
Current assets:
Cash and cash equivalents $ 248.8 $ 62.9
Receivables, net 53.2 37.1
Inventories 220.8 247.0
Prepaid income taxes 1.5 53.2
Prepaid expenses and other current assets 52.4 44.2
Deferred income taxes 101.8 110.4
Total current assets $ 678.5 $ 554.8
Land, buildings and equipment, net 3,403.7 3,306.7
Goodwill 517.3 518.7
Trademarks 454.0 454.4
Other assets 193.9 190.6
Total assets $ 5,247.4 $ 5,025.2
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 246.4 $ 237.0
Short-term debt – 150.0
Accrued payroll 161.8 138.3
Accrued income taxes 1.0฀–
Other accrued taxes 62.0 60.2
Unearned revenues 167.2 138.3
Current portion long-term debt 225.0฀–
Other current liabilities 391.2 372.3
Total current liabilities $ 1,254.6 $ 1,096.1
Long-term debt, less current portion 1,408.7 1,632.3
Deferred income taxes 268.6 297.0
Deferred rent 170.1 154.6
Obligations under capital leases, net of current installments 57.6 58.9
Other liabilities 193.8 180.3
Total liabilities $ 3,353.4 $ 3,419.2
Stockholders’ equity:
฀ Common฀stock฀and฀surplus,฀no฀par฀value.฀Authorized฀500.0฀shares;฀
฀ ฀ issued฀285.2฀and฀282.9฀shares,฀respectively;฀outstanding฀140.6฀and฀139.3฀shares,฀respectively฀ ฀ $ 2,297.9 $ 2,183.1
฀ Preferred฀stock,฀no฀par฀value.฀Authorized฀25.0฀shares;฀none฀issued฀and฀outstanding฀ ฀ –฀–
Retained earnings 2,621.9 2,357.4
Treasury stock, 144.6 and 143.6 shares, at cost, respectively (2,943.5) (2,864.2)
Accumulated other comprehensive income (loss) (71.1) (57.2)
Unearned compensation (11.2) (13.0)
Officer notes receivable – (0.1)
Total stockholders’ equity $ 1,894.0 $ 1,606.0
Total liabilities and stockholders’ equity $ 5,247.4 $ 5,025.2
See accompanying notes to consolidated financial statements.
40 DARDEN RESTAURANTS, INC. | 2010 ANNUAL REPORT
Consolidated Balance Sheets
Darden