Red Lobster 2016 Annual Report Download - page 52

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
48
Components of net periodic benefit cost included in earnings are as follows:
Defined Benefit Plans Postretirement Benefit Plan
(in millions)
2016 2015 2014 2016 2015 2014
Service cost $ — $ 1.1 $ 4.4 $ 0.2 $ 0.5 $ 0.7
Interest cost 10.6 10.0 10.2 0.8 1.0 1.4
Expected return on plan assets (14.5) (15.2) (17.1) — — —
Amortization of unrecognized prior service cost — — 0.1 (4.8) (2.8) (0.1)
Recognized net actuarial loss 2.8 2.6 9.0 1.2 0.8 —
Settlement loss recognized — 6.1 — — — —
Curtailment gain recognized — — (0.5) — — —
Net pension and postretirement cost (benefit) $ (1.1) $ 4.6 $ 6.1 $(2.6) $(0.5) $ 2.0
The amortization of the net actuarial gain (loss) component of our fiscal 2017 net periodic benefit cost for the defined benefit plans and postretirement
benefit plan is expected to be approximately $(3.2) million and $(1.7) million, respectively.
The fair values of the defined benefit pension plans assets at their measurement dates of May 29, 2016 and May 31, 2015, are as follows:
Items Measured at Fair Value at May 29, 2016
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) $ 75.3 $ — $ 75.3 $ —
International Commingled Fund (2) 24.9 — 24.9 —
Emerging Market Commingled Funds (3) 6.8 — 6.8 —
Emerging Market Mutual Fund (4) 5.9 5.9 — —
Real Estate Commingled Fund (5) 7.5 — 7.5 —
Fixed-Income:
U.S. Treasury Securities (6) 25.9 25.9 — —
U.S. Corporate Securities (6) 37.8 — 37.8 —
International Securities (6) 6.3 — 6.3 —
Public Sector Utility Securities (6) 14.8 — 14.8 —
Global Fixed-Income Commingled Fund (7) 24.4 — 24.4 —
U.S. Fixed-Income Commingled Funds (8) 10.3 — 10.3 —
Cash & Accruals 2.1 2.1 — —
Total $242.0 $33.9 $208.1 $ —