Red Lobster 2015 Annual Report Download - page 58

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54
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
Items Measured at Fair Value at May 25, 2014
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) $ 87.5 $ — $ 87.5 $ —
International Commingled Funds (2) 31.2 — 31.2 —
Emerging Market Commingled Funds (3) 13.3 — 13.3 —
Real Estate Commingled Funds (4) 10.5 — 10.5 —
Fixed-Income:
U.S. Treasuries (5) 27.6 27.6 — —
U.S. Corporate Securities (5) 48.0 — 48.0 —
International Securities (5) 10.0 — 10.0 —
Public Sector Utility Securities (5) 13.1 — 13.1 —
Cash & Accruals 2.7 2.7 — —
Total $243.9 $30.3 $213.6 $ —
(1) U.S. commingled funds are comprised of investments in funds that purchase publicly traded U.S. common stock for total return purposes. Investments are valued using a unit price or net
asset value (NAV) based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds.
(2) International commingled funds are comprised of investments in funds that purchase publicly traded non-U.S. common stock for total return purposes. Investments are valued using a unit
price or net asset value (NAV) based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds.
(3) Emerging market commingled funds and developed market securities are comprised of investments in funds that purchase publicly traded common stock of non-U.S. companies for total
return purposes. Funds are valued using a unit price or net asset value (NAV) based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated
with these funds.
(4) Real estate commingled funds are comprised of investments in funds that purchase publicly traded common stock of real estate securities for purposes of total return. These investments are
valued using a unit price or net asset value (NAV) based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds.
(5) Fixed-income securities are comprised of investments in government and corporate debt securities. These securities are valued by the trustee at closing prices from national exchanges or
pricing vendors on the valuation date.
(6) Global fixed-income commingled fund is comprised of investments in U.S. and non-U.S. government fixed income securities. Investments are valued using a unit price or net asset value (NAV)
based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with these funds.
The following benefit payments are expected to be paid between fiscal 2016 and fiscal 2025:
(in millions)
Defined Benefit Plans Postretirement Benefit Plan
2016 $10.2 $1.1
2017 10.7 1.1
2018 11.0 1.0
2019 11.5 1.0
2020 12.3 1.0
2021-2025 72.5 4.7