Red Lobster 2016 Annual Report Download - page 50

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
46
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 29, 2016 May 31, 2015 May 29, 2016 May 31, 2015
Components of the Consolidated Balance Sheets:
Current liabilities $ — $ — $ 1.3 $ 1.1
Noncurrent liabilities 56.5 51.8 18.6 16.9
Net amounts recognized $ 56.5 $ 51.8 $19.9 $18.0
Amounts Recognized in Accumulated Other
Comprehensive Income (Loss), net of tax:
Prior service (cost) credit $ — $ — $11.9 $14.9
Net actuarial gain (loss) (87.9) (68.7) (9.5) (9.0)
Net amounts recognized $(87.9) $(68.7) $ 2.4 $ 5.9
The following is a summary of our accumulated and projected benefit obligations for our defined benefit plans:
(in millions)
May 29, 2016 May 31, 2015
Accumulated benefit obligation for all defined benefit plans $298.5 $288.4
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation 298.5 288.4
Fair value of plan assets 242.0 236.6
Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets 298.5 288.4
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
Defined Benefit Plans Postretirement Benefit Plan
2016 2015 2016 2015
Weighted-average assumptions used to determine
benefit obligations at May 29 and May 31 (1)
Discount rate 4.18% 4.43% 4.00% 4.22%
Rate of future compensation increases N/A N/A N/A N/A
Weighted-average assumptions used to determine
net expense for fiscal years ended May 29 and May 31 (2)
Discount rate 4.43% 4.41% 4.22% 4.26%
Expected long-term rate of return on plan assets 6.50% 7.00% N/A N/A
Rate of future compensation increases N/A 3.86% N/A N/A
(1) Determined as of the end of fiscal year.
(2) Determined as of the beginning of fiscal year.