Table of Contents Our Strategic Building Blocks 2004 Financial Highlights Operating Company Overviews Letter to Shareholders Leadership Defined    Inspiration    Motivation    Trust    Passion    Vision    Innovation Corporate Responsibility Financial Review 2004   Management’s Discussion and Analysis...   Report of Management Responsibilities   Report of Independent Registered...   Consolidated Statements of Earnings   Consolidated Balance Sheets   Consolidated Statements of Changes...   Consolidated Statements of Cash Flows   Notes to Consolidated Financial Statements   Five-Year Financial Summary Shareholder Information Board of Directors Corporate Officers
Financial Review 2004 Consolidated Statements of Changes in Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)   Common     Accumulated Other     Total   Stock and Retained Treasury Comprehensive Unearned  Officer Notes  Stockholders' (In thousands, except per share data)  Surplus   Earnings   Stock   Income (Loss)   Compensation   Receivable   Equity  Balance at May 27, 2001  $ 1,405,799     $ 532,121     $ (840,254 )             $ (13,102 )         $ (49,322 )         $ (1,924 )   $ 1,033,318    Comprehensive income:   Net earnings   –     237,788     –     –     –     –     237,788     Other comprehensive income (loss):     Foreign currency adjustment   –     –     –     169     –     –     169       Change in fair value of derivatives, net of tax of $234    –     –     –     380     –     –     380       Minimum pension liability adjustment,       net of tax benefit of $177   –     –     –     (288 )   –     –     (288 )         Total comprehensive income                                       238,049   Cash dividends declared ($0.053 per share)   –     (9,225 )   –     –     –     –     (9,225 ) Stock option exercises (4,310 shares)   34,742     –     1,364     –     –     –     36,106   Issuance of restricted stock (438 shares),   net of forfeiture adjustments   5,666     –     815     –     (6,493 )   –     (12 ) Earned compensation   –     –     –     –     4,392     –     4,392   ESOP note receivable repayments   –     –     –     –     5,315     –     5,315   Income tax benefits credited to equity   24,989     –     –     –     –     –     24,989   Purchases of common stock for treasury (8,972 shares)   –     –     (208,578 )   –     –     –     (208,578 ) Issuance of treasury stock under Employee   Stock Purchase Plan and other plans (290 shares)   2,858     –     1,738     –     –     –     4,596   Issuance of officer notes, net   –     –     –     –     –     (73 )   (73 ) Balance at May 26, 2002 $ 1,474,054   $ 760,684   $ (1,044,915 ) $ (12,841 ) $ (46,108 ) $ (1,997 ) $ 1,128,877   Comprehensive income:   Net earnings   –     232,260     –     –     –     –     232,260     Other comprehensive income (loss):     Foreign currency adjustment   –     –     –     2,579     –     –     2,579       Change in fair value of derivatives, net of tax of $0   –     –     –     2     –     –     2       Minimum pension liability adjustment,       net of tax benefit of $141   –     –     –     (229 )   –     –     (229 )         Total comprehensive income                                       234,612   Cash dividends declared ($0.080 per share)   –     (13,501 )   –     –     –     –     (13,501 ) Stock option exercises (3,133 shares)   27,261     –     1,652     –     –     –     28,913   Issuance of restricted stock (148 shares), net   of forfeiture adjustments   4,429     –     600     –     (5,029 )   –     –   Earned compensation   –     –     –     –     3,579     –     3,579   ESOP note receivable repayments   –     –     –     –     4,710     –     4,710   Income tax benefits credited to equity   16,385     –     –     –     –     –     16,385   Purchases of common stock for treasury (10,746 shares)   –     –     (213,311 )   –     –     –     (213,311 ) Issuance of treasury stock under Employee   Stock Purchase Plan and other plans (280 shares)   3,828     –     1,681     –     –     –     5,509   Issuance of officer notes, net   –     –     –     –     –     418     418   Balance at May 25, 2003 $ 1,525,957   $ 979,443   $ (1,254,293 ) $ (10,489 ) $ (42,848 ) $ (1,579 ) $ 1,196,191    Comprehensive income:                                              Net earnings   –     231,462     –     –     –     –     231,462      Other comprehensive income (loss):                                                Foreign currency adjustment   –     –     –     394     –     –     394        Change in fair value of derivatives, net of tax of $51   –     –     –     205     –     –     205        Minimum pension liability adjustment,                                                  net of tax benefit of $45   –     –     –     (69 )   –     –     (69 )          Total comprehensive income                                       231,992    Cash dividends declared ($0.080 per share)   –     (12,984 )   –     –     –     –     (12,984 )  Stock option exercises (3,464 shares)   30,972     –     3,685     –     –     –     34,657    Issuance of restricted stock (409 shares), net                                              of forfeiture adjustments   7,605     –     173     –     (7,778 )   –     –    Earned compensation   –     –     –     –     4,198     –     4,198    ESOP note receivable repayments   –     –     –     –     5,027     –     5,027    Income tax benefits credited to equity   15,650     –     –     –     –     –     15,650    Purchases of common stock for treasury (10,749 shares)   –     –     (235,462 )   –     –     –     (235,462 )  Issuance of treasury stock under Employee                                              Stock Purchase Plan and other plans (357 shares)   3,931     –     2,129     –     –     –     6,060    Issuance of officer notes, net   –     –     –     –     –     441     441    Balance at May 30, 2004 $ 1,584,115   $ 1,197,921   $ (1,483,768 ) $ (9,959 ) $ (41,401 ) $ (1,138 ) $ 1,245,770   See accompanying notes to consolidated financial statements.