2013 Annual Report - Investor Relations - Darden Restaurants

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Consolidated Balance SheetsDardenMay 26, May 27,(in millions) 2013 2012AssetsCurrent assets:Cash and cash equivalents $ 88.2 $ 70.5Receivables, net 85.4 71.4Inventories 356.9 404.1Prepaid income taxes 6.4 12.2Prepaid expenses and other current assets 83.4 74.9Deferred income taxes 144.6 124.5Total current assets $ 764.9 $ 757.6Land, buildings and equipment, net 4,391.1 3,951.3Goodwill 908.3 538.6Trademarks 573.8 464.9Other assets 298.8 231.8Total assets $6,936.9 $ 5,944.2Liabilities and Stockholders’ EquityCurrent liabilities:Accounts payable $ 296.5 $ 260.7Short-term debt 164.5 262.7Accrued payroll 150.5 154.3Accrued income taxes 16.5 –Other accrued taxes 67.6 60.4Unearned revenues 270.5 231.7Current portion of long-term debt – 349.9Other current liabilities 450.3 454.4Total current liabilities $1,416.4 $ 1,774.1Long-term debt, less current portion 2,496.2 1,453.7Deferred income taxes 356.4 312.9Deferred rent 230.5 204.4Obligations under capital leases, net of current installments 52.5 54.4Other liabilities 325.4 302.7Total liabilities $4,877.4 $ 4,102.2Stockholders’ equity:Common stock and surplus, no par value. Authorized 500.0 shares; issued 131.6 and 289.0 shares,respectively; outstanding 130.3 and 129.0 shares, respectively 1,207.6 2,518.8Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding – –Retained earnings 998.9 3,172.8Treasury stock, 1.3 and 160.0 shares, at cost, respectively (8.1) (3,695.8)Accumulated other comprehensive income (loss) (132.8) (146.6)Unearned compensation (6.1) (7.2)Total stockholders’ equity $2,059.5 $ 1,842.0Total liabilities and stockholders’ equity $6,936.9 $ 5,944.2See accompanying notes to consolidated financial statements.36 Darden Restaurants, Inc. 2013 Annual Report
Consolidated Statements of Changes in Stockholders’ EquityDardenCommonAccumulatedStock Other Totaland Retained Treasury Comprehensive Unearned Stockholders’(in millions, except per share data) Surplus Earnings Stock Income (Loss) Compensation EquityBalances at May 30, 2010 $ 2,297.9 $ 2,621.9 $(2,943.5) $ (71.1) $(11.2) $1,894.0Net earnings – 476.3 – – – 476.3Other comprehensive income – – – 11.3 – 11.3Dividends declared ($1.28 per share) – (176.3) – – – (176.3)Stock option exercises (2.3 shares) 53.1 – 2.6 – – 55.7Stock-based compensation 33.9 – – – – 33.9ESOP note receivable repayments – – – – 1.8 1.8Income tax benefits credited to equity 17.7 – – – – 17.7Repurchases of common stock (8.6 shares) – – (385.5) – – (385.5)Issuance of treasury stock under Employee Stock Purchase Plan and other plans (0.2 shares) 6.2 – 1.1 – – 7.3Balances at May 29, 2011 $ 2,408.8 $ 2,921.9 $(3,325.3) $ (59.8) $ (9.4) $1,936.2Net earnings – 475.5 – – – 475.5Other comprehensive income – – – (86.8) – (86.8)Dividends declared ($1.72 per share) – (224.6) – – – (224.6)Stock option exercises (2.2 shares) 59.4 – 3.5 – – 62.9Stock-based compensation 26.5 – – – – 26.5ESOP note receivable repayments – – – – 2.1 2.1Income tax benefits credited to equity 17.9 – – – – 17.9Repurchases of common stock (8.2 shares) – – (375.1) – – (375.1)Issuance of treasury stock under Employee Stock Purchase Plan and other plans (0.2 shares) 6.2 – 1.1 – 0.1 7.4Balances at May 27, 2012 $ 2,518.8 $ 3,172.8 $(3,695.8) $(146.6) $ (7.2) $1,842.0Net earnings – 411.9 – – – 411.9Other comprehensive income – – – 13.8 – 13.8Dividends declared ($2.00 per share) 0.4 (259.6) – – – (259.2)Stock option exercises (2.0 shares) 55.2 – 1.8 – – 57.0Stock-based compensation 24.3 – – – – 24.3ESOP note receivable repayments – – – – 1.1 1.1Income tax benefits credited to equity 13.6 – – – – 13.6Repurchases of common stock (1.0 shares) – (0.1) (52.3) – – (52.4)Issuance of treasury stock under Employee Stock Purchase Plan and other plans (0.2 shares) 6.7 – 0.7 – – 7.4Treasury shares retirement (159.3 shares) (1,411.4) (2,326.1) 3,737.5 – – –Balances at May 26, 2013 $ 1,207.6 $ 998.9 $ (8.1) $(132.8) $ (6.1) $2,059.5See accompanying notes to consolidated financial statements.Darden Restaurants, Inc. 2013 Annual Report 37
Page 3 and 4: It ComesWith HighExpectations• Ex
Page 5 and 6: Red Lobster ®We’re passionate ab
Page 7 and 8: ConvenienceOur guests lead busy liv
Page 9 and 10: • Total sales growth from continu
Page 11 and 12: factors having nothing to do with l
Page 13 and 14: What We Bringto the New Era...
Page 15 and 16: Red LobsterRed Lobster is focusing
Page 17 and 18: Bahama BreezeBahama Breeze is well-
Page 19 and 20: Restaurant Support CenterEmployees
Page 21 and 22: 18Management’sDiscussion and Anal
Page 23: Management’s Discussion and Analy
Page 26 and 27: Management’s Discussion and Analy
Page 37 and 38: Report of Independent Registered Pu
Page 39: Management’s Consolidated Discuss
Page 43 and 44: Notes to Consolidated Financial Sta
Page 71 and 72: Board of DirectorsClarence Otis, Jr
Page 73 and 74: Shareholder InformationCompany Addr

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