(50) Provide common-size analysis of your companys income statement and balance sheet for the 2 most recent years (must be done using Excel with formulas). Must be done in excel format, not hand written or a word created format chart but EXCEL PLEASE! show formulas as well in a separate chart if you can.
DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) Fiscal Year Ended May 31, 2020 May 26, 2019 May 27, 2018 $ 7,806.9 $ 8,510.4 $ 8,080.1 2,240.8 2,682.6 1,475.1 238.0 2,412.5 2,771.1 1,477.8 255.3 405.5 336.7 19.0 2,303.1 2,614.5 1,417.1 252.3 409.8 313.1 376.4 355.9 221.0 3.4 169.2 $ 7,759.0 $ 47.9 7,677.9 $ 832.5 7,313.3 766.8 161.1 50.2 57.3 151.6 Sales Costs and expenses: Food and beverage Restaurant labor Restaurant expenses Marketing expenses General and administrative expenses Depreciation and amortization Impairments and disposal of assets, net Goodwill impairment Total operating costs and expenses Operating income Interest, net Other (income) expense, net Earnings (loss) before income taxes Income tax expense (benefit) Earnings (loss) from continuing operations Losses from discontinued operations, net of tax benefit of $0.9, $1.8 and $4.8, respectively Net earnings (loss) Basic net earnings per share: Earnings (loss) from continuing operations Losses from discontinued operations Net earnings (loss) Diluted net earnings per share: Earnings (loss) from continuing operations Losses from discontinued operations Net earnings (loss) Average number of common shares outstanding: Basic Diluted (161.0) (111.8) (49.2) $ 782.3 63.7 718.6 $ 605.7 1.9 603.8 $ (7.8) (3.2) (52.4) $ (5.2) 713.4 $ S 596.0 $ 4.87 (0.40) $ (0.03) (0.43) $ 5.82 $ (0.04) 5.78 $ (0.06) 4.81 $ $ $ (0.40) $ (0.03) (0.43) $ 5.73 (0.04) 5.69 4.79 (0.06) 4.73 $ $ 122.7 122.7 123.5 125.4 124.0 126.0 DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Fiscal Year Ended May 31, 2020 May 26, 2019 May 27, 2018 $ (52.4) $ 713.4 $ 596.0 5.5 0.6 (0.9) (0.1) Net earnings Other comprehensive income (loss): Foreign currency adjustment Change in fair value of marketable securities, net of taxes of $0.0, $0.0 and $0.0, respectively Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $(0.3), $(0.1) and $0.0, respectively Net unamortized gain (loss) arising during period, including amortization of unrecognized net actuarial loss, net of taxes of $30.8, $(6.4) and $(0.7), respectively Reclassification of tax effect Other comprehensive income (loss) Total comprehensive income (17.6) 5.6 (4.6) 92.7 (19.2) (1.1) (15.6) (22.3) 573.7 $ $ 80.6 $ 28.2 $ (13.0) $ 700.4 $ See accompanying notes to consolidated financial statements. DARDEN RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS (In millions) May 31, 2020 May 26, 2019 S 763.3 $ 49.8 206.9 18.4 ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid income taxes Prepaid expenses and other current assets Total current assets Land, buildings and equipment, net Operating lease right-of-use assets Goodwill Trademarks Other assets Total assets 457.3 88.3 207.3 41.6 98.1 892.6 2,552.6 $ 63.0 1,101.4 $ 2,756.9 3,969.2 1,037.4 805.9 275.3 9,946.1 S 1,183.7 950.8 313.1 5,892.8 $ S 332.6 249.4 S 270.0 150.0 6.2 43.4 467.9 605.9 1,792.8 S 928.8 56.1 4,276.3 175.3 11.6 54.2 428.5 471.9 1,474.1 927.7 156.9 $ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Short-term debt Accrued payroll Accrued income taxes Other accrued taxes Unearned revenues Other current liabilities Total current liabilities Long-term debt Deferred income taxes Operating lease liabilities - non-current Deferred rent Other liabilities Total liabilities Stockholders' equity: Common stock and surplus, no par value. Authorized 500.0 shares; issued 129.9 and 123.1 shares, respectively; outstanding 129.9 and 123.1 shares, respectively Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding Retained earnings Accumulated other comprehensive income (loss) Unearned compensation Total stockholders' equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial statements. 560.9 7,614.9 $ 354.4 587.1 3,500.2 $ 2,205.3 1,685.0 143.5 (17.6) 806.6 (98.2) (0.8) 2,392.6 5,892.8 $ s 2,331.2 $ 9,946.1 S DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Fiscal Year Ended May 26, 2019 May 31, 2020 May 27, 2018 S (52.4) $ 3.2 713.4 $ 5.2 596.0 7.8 355.9 390.2 53.0 (73.3) (14.4) (133.6) 336,7 19.0 59.8 36.4 (1.7) 47.5 34.3 9.5 313.1 3.4 42.8 (8.0) (62.0) (20.6) 36.6 14.6 38.3 145.5 5.0 717.4 $ 7.5 1,267.6 $ 102.2 (6.1) 1,019.8 S (452.0) 13.2 Cash flows - operating activities Net earnings (loss) Losses from discontinued operations, net of tax Adjustments to reconcile net earnings (loss) from continuing operations to cash flows: Depreciation and amortization Goodwill and other impairments and disposal of assets, net Stock-based compensation expense Change in current assets and liabilities Contributions to pension and postretirement plans Deferred income taxes Change in deferred rent Change in other assets and liabilities Pension settlement charge Loss on extinguishment of debt Other, net Net cash provided by operating activities of continuing operations Cash flows - investing activities Purchases of land, buildings and equipment Proceeds from disposal of land, buildings and equipment Cash used in business acquisitions, net of cash acquired Purchases of capitalized software and other assets Other, net Net cash used in investing activities of continuing operations Cash flows - financing activities Net proceeds from issuance of common stock Dividends paid Repurchases of common stock Proceeds from issuance of short-term debt Repayments of short-term debt Repayments of long-term debt Proceeds from issuance of long-term debt Principal payments on capital and financing leases Proceeds from financing lease obligation Other, net Net cash provided by (used) in financing activities of continuing operations Cash flows - discontinued operations Net cash used in operating activities discontinued operations Net cash provided by investing activities of discontinued operations Net cash used in discontinued operations Increase (decrease) in cash and cash equivalents Cash and cash equivalents - beginning of year Cash and cash equivalents - end of year (459.9) 5.8 (55.8) (24.6) (9.5) (544.0) $ (396.0) 3.3 (40.4) (22.8) 4.8 (451.1) (25.9) 2.1 (462.6) $ S 525.9 (322.3) (330.3) 1,020.0 (750.0) 59.3 (370.8) (207.5) 137.5 (137.5) 37.8 (313.5) (234.8) 960.0 (960.0) (408.2) 300.0 (5.4) (5.2) (6.2) 40.9 0.1 (484.2) $ 0.6 138.7 $ (12.5) (636.6) S (6.1) (18.5) 0.2 (18.3) (86.2) S (6.1) $ 306.0 457.3 763.3 $ (10.4) $ 310.4 146.9 457.3 $ 233.1 S 146.9 DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In millions) Fiscal Year Ended May 26, 2019 May 31, 2020 May 27, 2018 $ (7.2) (26.6) (12.5) 12.6 Cash flows from changes in current assets and liabilities Receivables, net Inventories Prepaid expenses and other current assets Accounts payable Accrued payroll Prepaid/accrued income taxes Other accrued taxes Unearned revenues Other current liabilities Char in current assets and liabilities 25.9 13.7 $ (13.9) (2.8) (68.5) (25.3) 17.8 (10.9) 39.4 (22.8) (73.3) $ 2.1 $ (2.1) (8.2) 55.0 (2.2) (14.2) (2.4) 11.3 (2.9) 36.4 $ (9.9) 1.6 33.5 (25.4) (8.0) $ See accompanying notes to consolidated financial statements. DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (In millions, except per share data) (198.8) Common Accumulated Stock Other Total And Retained Treasury Comprehensive Unearned Stockholders' Surplus Earnings Stock Income (Loss) Compensation Equity Balances at May 28, 2017 $ 1,614.6 $ 560.1 S (7.8) $ (62.9) S (2.3) $ 2,101.7 Net earnings 596,0 596.0 Other comprehensive income (22.3) (22.3) Dividends declared ($2.52 per share) (315.3) (315.3) Stock option exercises (0.8 shares) 32.0 32.0 Stock-based compensation 22.7 22.7 Repurchases of common stock (2.8 shares) (36.0) (234.8) Issuance of stock under Employee Stock Purchase Plan and other plans (O.1 shares) 5.7 0.1 5.8 Other (7.1) 15.6 0.5 9.0 Balances at May 27, 2018 S 1,631.9 $ 657.6 $ (7.8) $ (85.2) S (1.7) $ 2,194.8 Net earnings 713.4 713.4 Other comprehensive income (13.0) (13.0) Dividends declared ($3.00 per share) (373.5) (373.5) Stock option exercises (1.2 shares) 52.2 52.2 Stock-based compensation 26.8 26.8 Repurchases of common stock (1.9 shares) (26.2) (181.3) (207.5) Issuance of stock under Employee Stock Purchase Plan and other plans (0.1 shares) 7.1 0.8 7.9 Other (6.8) (9.6) 7.8 0.1 (8.5) Balances at May 26, 2019 $ 1,685.0 $ 806.6 $ (982) S (0.8) $ 2,392.6 Net earnings (52.4) (52.4) Other comprehensive income 80.6 80.6 Dividends declared ($2.64 per share) (325.1) (325.1) Stock option exercises (0.3 shares) 12.4 12.4 Stock-based compensation 33.4 33.4 Repurchases of common stock (2.9 shares) (40.9) (289.4) (330.3) Issuance of stock under Employee Stock Purchase Plan and other plans (0.1 shares) 8.4 8.4 Stock issuance - Public Offering (9.0 shares) 505.1 505.1 Other 1.9 3.8 0.8 6.5 Balances at May 31, 2020 $ 2,205.3 $ 143.5 $ $ (17.6) S $ 2,331.2 See accompanying notes consolidated financial statements. IIIIIIIIIIIIIIIIIII DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) Fiscal Year Ended May 31, 2020 May 26, 2019 May 27, 2018 $ 7,806.9 $ 8,510.4 $ 8,080.1 2,240.8 2,682.6 1,475.1 238.0 2,412.5 2,771.1 1,477.8 255.3 405.5 336.7 19.0 2,303.1 2,614.5 1,417.1 252.3 409.8 313.1 376.4 355.9 221.0 3.4 169.2 $ 7,759.0 $ 47.9 7,677.9 $ 832.5 7,313.3 766.8 161.1 50.2 57.3 151.6 Sales Costs and expenses: Food and beverage Restaurant labor Restaurant expenses Marketing expenses General and administrative expenses Depreciation and amortization Impairments and disposal of assets, net Goodwill impairment Total operating costs and expenses Operating income Interest, net Other (income) expense, net Earnings (loss) before income taxes Income tax expense (benefit) Earnings (loss) from continuing operations Losses from discontinued operations, net of tax benefit of $0.9, $1.8 and $4.8, respectively Net earnings (loss) Basic net earnings per share: Earnings (loss) from continuing operations Losses from discontinued operations Net earnings (loss) Diluted net earnings per share: Earnings (loss) from continuing operations Losses from discontinued operations Net earnings (loss) Average number of common shares outstanding: Basic Diluted (161.0) (111.8) (49.2) $ 782.3 63.7 718.6 $ 605.7 1.9 603.8 $ (7.8) (3.2) (52.4) $ (5.2) 713.4 $ S 596.0 $ 4.87 (0.40) $ (0.03) (0.43) $ 5.82 $ (0.04) 5.78 $ (0.06) 4.81 $ $ $ (0.40) $ (0.03) (0.43) $ 5.73 (0.04) 5.69 4.79 (0.06) 4.73 $ $ 122.7 122.7 123.5 125.4 124.0 126.0 DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Fiscal Year Ended May 31, 2020 May 26, 2019 May 27, 2018 $ (52.4) $ 713.4 $ 596.0 5.5 0.6 (0.9) (0.1) Net earnings Other comprehensive income (loss): Foreign currency adjustment Change in fair value of marketable securities, net of taxes of $0.0, $0.0 and $0.0, respectively Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $(0.3), $(0.1) and $0.0, respectively Net unamortized gain (loss) arising during period, including amortization of unrecognized net actuarial loss, net of taxes of $30.8, $(6.4) and $(0.7), respectively Reclassification of tax effect Other comprehensive income (loss) Total comprehensive income (17.6) 5.6 (4.6) 92.7 (19.2) (1.1) (15.6) (22.3) 573.7 $ $ 80.6 $ 28.2 $ (13.0) $ 700.4 $ See accompanying notes to consolidated financial statements. DARDEN RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS (In millions) May 31, 2020 May 26, 2019 S 763.3 $ 49.8 206.9 18.4 ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid income taxes Prepaid expenses and other current assets Total current assets Land, buildings and equipment, net Operating lease right-of-use assets Goodwill Trademarks Other assets Total assets 457.3 88.3 207.3 41.6 98.1 892.6 2,552.6 $ 63.0 1,101.4 $ 2,756.9 3,969.2 1,037.4 805.9 275.3 9,946.1 S 1,183.7 950.8 313.1 5,892.8 $ S 332.6 249.4 S 270.0 150.0 6.2 43.4 467.9 605.9 1,792.8 S 928.8 56.1 4,276.3 175.3 11.6 54.2 428.5 471.9 1,474.1 927.7 156.9 $ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Short-term debt Accrued payroll Accrued income taxes Other accrued taxes Unearned revenues Other current liabilities Total current liabilities Long-term debt Deferred income taxes Operating lease liabilities - non-current Deferred rent Other liabilities Total liabilities Stockholders' equity: Common stock and surplus, no par value. Authorized 500.0 shares; issued 129.9 and 123.1 shares, respectively; outstanding 129.9 and 123.1 shares, respectively Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding Retained earnings Accumulated other comprehensive income (loss) Unearned compensation Total stockholders' equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial statements. 560.9 7,614.9 $ 354.4 587.1 3,500.2 $ 2,205.3 1,685.0 143.5 (17.6) 806.6 (98.2) (0.8) 2,392.6 5,892.8 $ s 2,331.2 $ 9,946.1 S DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Fiscal Year Ended May 26, 2019 May 31, 2020 May 27, 2018 S (52.4) $ 3.2 713.4 $ 5.2 596.0 7.8 355.9 390.2 53.0 (73.3) (14.4) (133.6) 336,7 19.0 59.8 36.4 (1.7) 47.5 34.3 9.5 313.1 3.4 42.8 (8.0) (62.0) (20.6) 36.6 14.6 38.3 145.5 5.0 717.4 $ 7.5 1,267.6 $ 102.2 (6.1) 1,019.8 S (452.0) 13.2 Cash flows - operating activities Net earnings (loss) Losses from discontinued operations, net of tax Adjustments to reconcile net earnings (loss) from continuing operations to cash flows: Depreciation and amortization Goodwill and other impairments and disposal of assets, net Stock-based compensation expense Change in current assets and liabilities Contributions to pension and postretirement plans Deferred income taxes Change in deferred rent Change in other assets and liabilities Pension settlement charge Loss on extinguishment of debt Other, net Net cash provided by operating activities of continuing operations Cash flows - investing activities Purchases of land, buildings and equipment Proceeds from disposal of land, buildings and equipment Cash used in business acquisitions, net of cash acquired Purchases of capitalized software and other assets Other, net Net cash used in investing activities of continuing operations Cash flows - financing activities Net proceeds from issuance of common stock Dividends paid Repurchases of common stock Proceeds from issuance of short-term debt Repayments of short-term debt Repayments of long-term debt Proceeds from issuance of long-term debt Principal payments on capital and financing leases Proceeds from financing lease obligation Other, net Net cash provided by (used) in financing activities of continuing operations Cash flows - discontinued operations Net cash used in operating activities discontinued operations Net cash provided by investing activities of discontinued operations Net cash used in discontinued operations Increase (decrease) in cash and cash equivalents Cash and cash equivalents - beginning of year Cash and cash equivalents - end of year (459.9) 5.8 (55.8) (24.6) (9.5) (544.0) $ (396.0) 3.3 (40.4) (22.8) 4.8 (451.1) (25.9) 2.1 (462.6) $ S 525.9 (322.3) (330.3) 1,020.0 (750.0) 59.3 (370.8) (207.5) 137.5 (137.5) 37.8 (313.5) (234.8) 960.0 (960.0) (408.2) 300.0 (5.4) (5.2) (6.2) 40.9 0.1 (484.2) $ 0.6 138.7 $ (12.5) (636.6) S (6.1) (18.5) 0.2 (18.3) (86.2) S (6.1) $ 306.0 457.3 763.3 $ (10.4) $ 310.4 146.9 457.3 $ 233.1 S 146.9 DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In millions) Fiscal Year Ended May 26, 2019 May 31, 2020 May 27, 2018 $ (7.2) (26.6) (12.5) 12.6 Cash flows from changes in current assets and liabilities Receivables, net Inventories Prepaid expenses and other current assets Accounts payable Accrued payroll Prepaid/accrued income taxes Other accrued taxes Unearned revenues Other current liabilities Char in current assets and liabilities 25.9 13.7 $ (13.9) (2.8) (68.5) (25.3) 17.8 (10.9) 39.4 (22.8) (73.3) $ 2.1 $ (2.1) (8.2) 55.0 (2.2) (14.2) (2.4) 11.3 (2.9) 36.4 $ (9.9) 1.6 33.5 (25.4) (8.0) $ See accompanying notes to consolidated financial statements. DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (In millions, except per share data) (198.8) Common Accumulated Stock Other Total And Retained Treasury Comprehensive Unearned Stockholders' Surplus Earnings Stock Income (Loss) Compensation Equity Balances at May 28, 2017 $ 1,614.6 $ 560.1 S (7.8) $ (62.9) S (2.3) $ 2,101.7 Net earnings 596,0 596.0 Other comprehensive income (22.3) (22.3) Dividends declared ($2.52 per share) (315.3) (315.3) Stock option exercises (0.8 shares) 32.0 32.0 Stock-based compensation 22.7 22.7 Repurchases of common stock (2.8 shares) (36.0) (234.8) Issuance of stock under Employee Stock Purchase Plan and other plans (O.1 shares) 5.7 0.1 5.8 Other (7.1) 15.6 0.5 9.0 Balances at May 27, 2018 S 1,631.9 $ 657.6 $ (7.8) $ (85.2) S (1.7) $ 2,194.8 Net earnings 713.4 713.4 Other comprehensive income (13.0) (13.0) Dividends declared ($3.00 per share) (373.5) (373.5) Stock option exercises (1.2 shares) 52.2 52.2 Stock-based compensation 26.8 26.8 Repurchases of common stock (1.9 shares) (26.2) (181.3) (207.5) Issuance of stock under Employee Stock Purchase Plan and other plans (0.1 shares) 7.1 0.8 7.9 Other (6.8) (9.6) 7.8 0.1 (8.5) Balances at May 26, 2019 $ 1,685.0 $ 806.6 $ (982) S (0.8) $ 2,392.6 Net earnings (52.4) (52.4) Other comprehensive income 80.6 80.6 Dividends declared ($2.64 per share) (325.1) (325.1) Stock option exercises (0.3 shares) 12.4 12.4 Stock-based compensation 33.4 33.4 Repurchases of common stock (2.9 shares) (40.9) (289.4) (330.3) Issuance of stock under Employee Stock Purchase Plan and other plans (0.1 shares) 8.4 8.4 Stock issuance - Public Offering (9.0 shares) 505.1 505.1 Other 1.9 3.8 0.8 6.5 Balances at May 31, 2020 $ 2,205.3 $ 143.5 $ $ (17.6) S $ 2,331.2 See accompanying notes consolidated financial statements
