Consolidated Financial Statement Details

12 Months Ended

May 29, 2011

Consolidated Financial Statement Details

Consolidated Financial Statement Details

Note 4. Consolidated Financial Statement Details

Consolidated Balance Sheets (In Millions)	2011			2010
RECEIVABLE ALLOWANCES
Doubtful accounts	$	0.3		$	0.4
Returns and allowances		36.4			29.6
Total receivable allowances	$	36.7		$	30.0
INVENTORIES
Raw materials	$	11.6		$	9.5
Work in process		86.3			67.8
Finished goods		34.1			41.3
Total inventories	$	132.0		$	118.6
OTHER CURRENT ASSETS
Prepaid income taxes	$	133.9		$	90.0
Prepaid expenses		13.2			19.8
Assets held for sale		33.9			45.8
Other		6.5			1.2
Total current assets	$	187.5		$	156.8
PROPERTY, PLANT AND EQUIPMENT
Land	$	21.1		$	21.1
Buildings and improvements		399.8			398.3
Machinery and equipment		1,643.0			1,679.4
Internal-use software		69.0			81.5
Construction in progress		44.1			18.7
Total property, plant and equipment		2,177.0			2,199.0
Less accumulated depreciation and amortization		(1,755.9	)		(1,808.9	)
Total property, plant and equipment, net	$	421.1		$	390.1
OTHER ASSETS
Debt issuance costs	$	4.5		$	5.8
Income tax receivable		41.7			41.7
Deferred compensation plan assets		41.8			40.3
Other		10.2			14.4
Total other assets	$	98.2		$	102.2
ACCRUED LIABILITIES
Payroll and employee related	$	71.7		$	127.3
Accrued interest payable		22.9			24.6
Deferred gain on sale of assets		13.3			-
Severance and restructuring expenses		1.2			15.4
Other		33.0			37.2
Total accrued liabilities	$	142.1		$	204.5
OTHER NON-CURRENT LIABILITIES
Accrued pension obligation	$	57.7		$	67.3
Deferred compensation plan liability		41.8			40.3
Other		11.2			16.6
Total other non-current liabilities	$	110.7		$	124.2

ACCUMULATED OTHER COMPREHENSIVE LOSS
Defined benefit pension plans	$	(124.5	)	$	(131.9	)
Other		0.1			(0.3	)
Total accumulated other comprehensive loss	$	(124.4	)	$	(132.2	)

Consolidated Statements of Income (In Millions)			2011			2010			2009
OTHER OPERATING EXPENSE (INCOME), NET
Net intellectual property income			$	(0.2	)	$	(0.3	)	$	(2.7	)
Litigation settlement				-			(0.3	)		-
Other				0.5			0.2			-
Total other operating expense (income), net			$	0.3		$	(0.4	)	$	(2.7	)
OTHER NON-OPERATING INCOME (EXPENSE), NET
	Trading securities:
		Change in unrealized holding gains/losses, net	$	6.4		$	5.3		$	(7.7	)
	Non-marketable investments:
		Gain from sale		-			-			0.4
		Gain from liquidation of investment		0.3			0.3			-
Total gain (loss) on investments, net				6.7			5.6			(7.3	)
Loss on extinguishment of debt				-			(2.1	)		-
Net loss on derivative instrument in fair value hedge				(2.1	)		(2.2	)		-
Loss on liquidation of interest rate swap				(0.7	)		-			-
Total other non-operating income (expense), net			$	3.9		$	1.3		$	(7.3	)