Red Lobster 2015 Annual Report Download - page 55

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DARDEN RESTAURANTS, INC. | 2015 ANNUAL REPORT 51
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
The following is a detail of the balance sheet components of each of our plans and a reconciliation of the amounts included in accumulated other
comprehensive income (loss):
Defined Benefit Plans Postretirement Benefit Plan
(in millions)
May 31, 2015 May 25, 2014 May 31, 2015 May 25, 2014
Components of the Consolidated Balance Sheets:
Current liabilities $ — $ — $ 1.1 $ 1.1
Non-current liabilities 51.8 40.0 16.9 37.4
Net amounts recognized $ 51.8 $ 40.0 $18.0 $38.5
Amounts Recognized in Accumulated Other
Comprehensive Income (Loss), net of tax:
Prior service (cost) credit $ — $ — $14.9 $ —
Net actuarial gain (loss) (68.7) (64.0) (9.0) (5.8)
Net amounts recognized $(68.7) $(64.0) $ 5.9 $ (5.8)
The following is a summary of our accumulated and projected benefit obligations for our defined benefit plans:
(in millions)
May 31, 2015 May 25, 2014
Accumulated benefit obligation for all defined benefit plans $288.4 $283.3
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation 288.4 283.3
Fair value of plan assets 236.6 243.9
Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets 288.4 283.9
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
Defined Benefit Plans Postretirement Benefit Plan
2015 2014 2015 2014
Weighted-average assumptions used to determine
benefit obligations at May 31 and May 25 (1)
Discount rate 4.43% 4.41% 4.22% 4.45%
Rate of future compensation increases N/A 3.86% N/A N/A
Weighted-average assumptions used to determine
net expense for fiscal years ended May 31 and May 25 (2)
Discount rate 4.41% 4.60% 4.26% 4.74%
Expected long-term rate of return on plan assets 7.00% 8.00% N/A N/A
Rate of future compensation increases 3.86% 4.04% N/A N/A
(1) Determined as of the end of fiscal year.
(2) Determined as of the beginning of fiscal year.