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DARDEN RESTAURANTS, INC. | 2015 ANNUAL REPORT 53
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
Components of net periodic benefit cost included in continuing operations are as follows:
Defined Benefit Plans Postretirement Benefit Plan
(in millions)
2015 2014 2013 2015 2014 2013
Service cost $ 1.1 $ 4.4 $ 4.7 $ 0.5 $ 0.7 $ 0.8
Interest cost 10.0 10.2 9.9 1.0 1.4 1.3
Expected return on plan assets (15.2) (17.1) (19.4) — — —
Amortization of unrecognized prior service cost — 0.1 0.1 (2.8) (0.1) (0.1)
Recognized net actuarial loss 2.6 9.0 8.8 0.8 — —
Settlement loss recognized 6.1 — — — — —
Curtailment gain recognized — (0.5) — — — —
Net pension and postretirement cost (benefit) $ 4.6 $ 6.1 $ 4.1 $ (0.5) $ 2.0 $ 2.0
The amortization of the net actuarial gain (loss) component of our fiscal 2016 net periodic benefit cost for the defined benefit plans and postretirement
benefit plan is expected to be approximately $(2.8) million and $3.8 million, respectively.
The fair values of the defined benefit pension plans assets at their measurement dates of May 31, 2015 and May 25, 2014, are as follows:
Items Measured at Fair Value at May 31, 2015
Quoted Prices in Active Market Significant Other Significant
Fair Value of Assets for Identical Assets (Liabilities) Observable Inputs Unobservable Inputs
(in millions) (Liabilities) (Level 1) (Level 2) (Level 3)
Equity:
U.S. Commingled Funds (1) $ 75.8 $ — $ 75.8 $ —
International Commingled Funds (2) 25.7 — 25.7 —
Emerging Market Commingled Funds (3) 13.1 — 13.1 —
Real Estate Commingled Funds (4) 6.9 — 6.9 —
Fixed-Income:
U.S. Treasuries (5) 25.1 25.1 — —
U.S. Corporate Securities (5) 41.4 — 41.4 —
International Securities (5) 8.3 — 8.3 —
Public Sector Utility Securities (5) 14.5 — 14.5 —
Global Fixed Income Commingled Fund (6) 24.0 — 24.0 —
Cash & Accruals 1.8 1.8 — —
Total $236.6 $26.9 $209.7 $ —