Red Lobster 2014 Annual Report Download - page 50

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Notes to Consolidated Financial Statements
Darden
48 Darden Restaurants, Inc.
Items Measured at Fair Value at May 26, 2013
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) $ 97.2 $ – $ 97.2 $ –
International Commingled Funds (2) 33.4 – 33.4 –
Emerging Market Commingled Funds (3) 13.8 – 13.8 –
Real Estate Commingled Funds (4) 11.6 – 11.6 –
Fixed-Income:
U.S. Treasuries (5) 16.3 16.3 – –
U.S. Corporate Securities (5) 42.5 – 42.5 –
International Securities (5) 8.2 – 8.2 –
Public Sector Utility Securities (5) 9.4 – 9.4 –
Cash & Accruals 1.7 1.7 – –
Total $234.1 $18.0 $216.1 $ –
(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 at unit values provided by
the investment managers which are based on the fair value of the underlying investments. 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 at unit values
provided by the investment managers which are based on the fair value of the underlying investments. 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 at unit values provided by the investment managers which are based on the fair value of the underlying investments. 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 at unit values provided by the investment managers which are based on the fair value of the underlying investments. 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.
The following benefit payments are expected to be paid between fiscal 2015 and fiscal 2025:
(in millions)
Defined Benefit Plans Postretirement Benefit Plan
2015 $21.2 $1.1
2016 10.2 1.2
2017 10.6 1.2
2018 11.1 1.3
2019 11.5 1.4
2020-2025 68.7 8.5