XML 31 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Tables)
 6 Months Ended
Nov. 25, 2012
Fair Value Disclosures [Abstract]  
Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis
The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as reflected in our unaudited consolidated balance sheet as of November 25, 2012 and May 27, 2012:
 
Items Measured at Fair Value at November 25, 2012
(in millions)
 
 
Fair value
of assets
(liabilities)
 
Quoted prices
in active
market for
identical assets
(liabilities)
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Fixed-income securities:
 
 
 
 
 
 
 
 
 
Corporate bonds
(1
)
 
$
14.0

 
$
—

 
$
14.0

 
$
—

U.S. Treasury securities
(2
)
 
10.4

 
10.4

 
—

 
—

Mortgage-backed securities
(1
)
 
9.1

 
—

 
9.1

 
—

Derivatives:
 
 
 
 
 
 
 
 
 
Commodities futures, swaps & options
(3
)
 
0.5

 
—

 
0.5

 
—

Equity forwards
(4
)
 
5.5

 
—

 
5.5

 
—

Interest rate swaps
(5
)
 
4.4

 
—

 
4.4

 
—

Foreign currency forwards
(6
)
 
(0.2
)
 
—

 
(0.2
)
 
—

Total
 
 
$
43.7

 
$
10.4

 
$
33.3

 
$
—

 
Items Measured at Fair Value at May 27, 2012
(in millions)
 
 
Fair value
of assets
(liabilities)
 
Quoted prices
in active
market for
identical assets
(liabilities)
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Fixed-income securities:
 
 
 
 
 
 
 
 
 
Corporate bonds
(1
)
 
$
14.5

 
$
—

 
$
14.5

 
$
—

U.S. Treasury securities
(2
)
 
13.3

 
13.3

 
—

 
—

Mortgage-backed securities
(1
)
 
9.9

 
—

 
9.9

 
—

Derivatives:
 
 

 

 

 

Commodities futures, swaps & options
(3
)
 
(0.1
)
 
—

 
(0.1
)
 
—

Equity forwards
(4
)
 
2.8

 
—

 
2.8

 
—

Interest rate locks & swaps
(5
)
 
(41.7
)
 
—

 
(41.7
)
 
—

Foreign currency forwards
(6
)
 
0.5

 
—

 
0.5

 
—

Total
 
 
$
(0.8
)
 
$
13.3

 
$
(14.1
)
 
$
—

(1)
The fair value of these securities is based on closing market prices of the investments when applicable, or, alternatively, valuations utilizing market data and other observable inputs, inclusive of the risk of nonperformance.
(2)
The fair value of our U.S. Treasury securities is based on closing market prices.
(3)
The fair value of our commodities futures, swaps and options classified as Level 2 is based on closing market prices of the contracts, inclusive of the risk of nonperformance.
(4)
The fair value of our equity forwards is based on closing market values of Darden stock, inclusive of the risk of nonperformance.
(5)
The fair value of our interest rate lock and swap agreements is based on current and expected market interest rates, inclusive of the risk of nonperformance.
(6)
The fair value of our foreign currency forward contracts is based on closing forward exchange market prices, inclusive of the risk of nonperformance.