Red Lobster 2016 Annual Report Download - page 53

Download and view the complete annual report

Please find page 53 of the 2016 Red Lobster annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DARDEN
DARDEN RESTAURANTS, INC. • 2016 ANNUAL REPORT 49
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 Fund (2) 25.7 — 25.7 —
Emerging Market Commingled Funds (3) 13.1 — 13.1 —
Real Estate Commingled Fund (5) 6.9 — 6.9 —
Fixed-Income:
U.S. Treasury Securities (6) 25.1 25.1 — —
U.S. Corporate Securities (6) 41.4 — 41.4 —
International Securities (6) 8.3 — 8.3 —
Public Sector Utility Securities (6) 14.5 — 14.5 —
Global Fixed-Income Commingled Fund (7) 24.0 — 24.0 —
Cash & Accruals 1.8 1.8 — —
Total $236.6 $26.9 $209.7 $ —
(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 fund is 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 NAV based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.
(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 in
emerging economies for total return purposes. Funds are valued using a unit price or NAV based on the fair value of the underlying investments of the funds. There are no redemption
restrictions associated with these funds.
(4) Emerging market mutual fund is comprised of securities associated with emerging markets and frontier markets. Fund is valued using quoted market prices from national exchanges.
(5) Real estate commingled fund is comprised of investments in funds that purchase publicly traded common stock of real estate companies for purposes of total return. These investments
are valued using a unit price or NAV based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.
(6) 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.
(7) 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 NAV based
on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.
(8) U.S. fixed-income commingled funds are comprised of a diversified portfolio of U.S. investment-grade corporate and government securities. Investments are valued using a unit price
or NAV based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds.
The following benefit payments are expected to be paid between fiscal 2017 and fiscal 2026:
(in millions)
Defined Benefit Plans Postretirement Benefit Plan
2017 $12.5 $1.3
2018 12.6 1.3
2019 13.0 1.3
2020 13.7 1.3
2021 14.2 1.3
2022-2026 79.3 6.2