Red Lobster 2015 Annual Report Download - page 51

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DARDEN RESTAURANTS, INC. | 2015 ANNUAL REPORT 47
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive income (loss), net of tax, are as follows:
Foreign Currency Unrealized Gains (Losses) Unrealized Gains (Losses) Benefit Plan Accumulated Other
(in millions)
Translation Adjustment on Marketable Securities on Derivatives Funding Position Comprehensive Income (Loss)
Balances at May 26, 2013 $(1.8) $ 0.2 $(53.8) $(77.4) $(132.8)
Gain (loss) (2.9) (0.1) (2.9) (1.7) (7.6)
Reclassification realized in net earnings — — 6.3 6.0 12.3
Balances at May 25, 2014 $(4.7) $ 0.1 $(50.4) $(73.1) $(128.1)
Gain (loss) (4.3) — 2.1 3.1 0.9
Reclassification realized in net earnings 7.3 — 29.2 4.1 40.6
Balances at May 31, 2015 $(1.7) $ 0.1 $(19.1) $(65.9) $ (86.6)
Reclassifications related to foreign currency translation primarily relate to the disposition of Red Lobster and are included in earnings from discontinued
operations, net of tax expense in our consolidated statement of earnings. The following table presents the amounts and line items in our consolidated state-
ments of earnings where other adjustments reclassified from AOCI into net earnings were recorded:
Fiscal Year
(in millions)
Location of Gain (Loss) May 31, May 25,
AOCI Components Recognized in Earnings 2015 2014
Derivatives
Commodity contracts (1) $ — $ 0.4
Equity contracts (2) (1.0) (0.8)
Interest rate contracts Interest, net (45.7) (10.3)
Foreign currency contracts (2) — 1.0
Total before tax $(46.7) $ (9.7)
Tax benefit 17.5 3.4
Net of tax $(29.2) $ (6.3)
Benefit plan funding position
Pension/postretirement plans
Actuarial losses (3) $ (2.6) $ (9.0)
Prior service costs (3) — (0.1)
Settlement (loss)/curtailment gain (3) (6.1) 0.5
Total – pension/postretirement plans $ (8.7) $ (8.6)
Recognized net actuarial gain/(loss) – other plans (4) 1.8 (1.4)
Total before tax $ (6.9) $(10.0)
Tax benefit 2.8 4.0
Net of tax $ (4.1) $ (6.0)
(1) Primarily included in food and beverage costs and restaurant expenses. See Note 10 for additional details.
(2) Primarily included in restaurant labor costs and general and administrative expenses. See Note 10 for additional details.
(3) Included in the computation of net periodic benefit costs – pension and postretirement plans, which is a component of restaurant labor expenses and general and administrative expenses.
See Note 17 for additional details.
(4) Included in the computation of net periodic benefit costs - other plans, which is a component of general and administrative expenses.