Darden Restaurants (DRI) 10-Q 6 Jan 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Nov. 29, 2020	Dec. 15, 2020
Cover [Abstract]
Entity Registrant Name	DARDEN RESTAURANTS INC
Entity Central Index Key	0000940944
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Nov. 29, 2020
Current Fiscal Year End Date	--05-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	1-13666
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3305930
Entity Address, Address Line One	1000 Darden Center Drive
Entity Address, City or Town	Orlando,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32837
City Area Code	407
Local Phone Number	245-4000
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	DRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		130,328,167

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Sales	$ 1,656.5	$ 2,056.4	$ 3,183.9	$ 4,190.3
Costs and expenses:
Restaurant labor	535.5	692.3	1,036.2	1,396.1
Marketing expenses	18.8	66.3	47.6	135
General and administrative expenses	89.9	91.4	218.2	189.4
Depreciation and amortization	86	87.6	173.6	173.8
Total operating costs and expenses	1,535.8	1,896.2	3,006.6	3,828.6
Operating income	120.7	160.2	177.3	361.7
Interest, net	14.6	13.1	31.2	24.2
Other (income) expense, net	0.4	153.3	7.9	153.3
Earnings (loss) before income taxes	105.7	(6.2)	138.2	184.2
Income tax expense (benefit)	8.8	(31.6)	4	(13)
Earnings from continuing operations	96.9	25.4	134.2	197.2
Losses from discontinued operations, net of tax benefit of $0.7, $0.7, $1.6 and $0.9, respectively	(0.9)	(0.7)	(2.1)	(1.9)
Net earnings	$ 96	$ 24.7	$ 132.1	$ 195.3
Basic net earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.74	$ 0.21	$ 1.03	$ 1.61
Losses from discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.02)
Net earnings (in dollars per share)	0.74	0.20	1.02	1.59
Diluted net earnings per share:
Earnings from continuing operations (in dollars per share)	0.74	0.21	1.02	1.59
Losses from discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.02)
Net earnings (in dollars per share)	$ 0.73	$ 0.20	$ 1.01	$ 1.57
Average number of common shares outstanding:
Basic (in shares)	130.3	122.2	130.1	122.5
Diluted (in shares)	131.5	123.7	131.2	124.1
Food and beverage
Costs and expenses:
Food and beverage costs and restaurant expenses	$ 475.1	$ 583	$ 909.6	$ 1,186.3
Restaurant expenses
Costs and expenses:
Food and beverage costs and restaurant expenses	$ 330.5	$ 375.6	$ 621.4	$ 748

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Income Statement [Abstract]
Tax expense (benefit) of discontinued operations	$ 0.7	$ 0.7	$ 1.6	$ 0.9

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 96	$ 24.7	$ 132.1	$ 195.3
Other comprehensive income (loss):
Foreign currency adjustment	0	5.5	0.2	5.5
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $(0.1), $0.1, $0.3 and $(0.1), respectively	5	(2.7)	9.5	(5.6)
Net unamortized gain (loss) arising during the period, including amortization of unrecognized net actuarial gain (loss), net of taxes of $0.2 $32.5, $0.3 and $32.5, respectively, related to pension and other post-employment benefits	0.4	97.7	0.8	97.8
Other comprehensive income (loss)	5.4	100.5	10.5	97.7
Total comprehensive income	$ 101.4	$ 125.2	$ 142.6	$ 293

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Statement of Comprehensive Income [Abstract]
Change in fair value of derivatives and amortization of unrecognized gain (loss) on derivatives, tax	$ (0.1)	$ 0.1	$ 0.3	$ (0.1)
Amortization of unrecognized net actuarial (loss) gain, tax	$ 0.2	$ 32.5	$ 0.3	$ 32.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Current assets:
Cash and cash equivalents	$ 777.3	$ 763.3
Receivables, net	46.2	49.8
Inventories	203	206.9
Prepaid income taxes	21.8	18.4
Prepaid expenses and other current assets	61.4	63
Total current assets	1,109.7	1,101.4
Land, buildings and equipment, net of accumulated depreciation and amortization of $2,719.1 and $2,640.9, respectively	2,776	2,756.9
Operating lease right-of-use assets	3,909.8	3,969.2
Goodwill	1,037.4	1,037.4
Trademarks	806.3	805.9
Other assets	288.4	275.3
Total assets	9,927.6	9,946.1
Current liabilities:
Accounts payable	235.6	249.4
Short-term debt	0	270
Accrued payroll	130	150
Accrued income taxes	6.1	6.2
Other accrued taxes	47.6	43.4
Unearned revenues	439.9	467.9
Other current liabilities	686.9	605.9
Total current liabilities	1,546.1	1,792.8
Long-term debt	929.4	928.8
Deferred income taxes	45.1	56.1
Operating lease liabilities - non-current	4,222.8	4,276.3
Other liabilities	729.1	560.9
Total liabilities	7,472.5	7,614.9
Stockholders’ equity:
Common stock and surplus	2,239	2,205.3
Retained earnings	223.2	143.5
Accumulated other comprehensive income (loss)	(7.1)	(17.6)
Total stockholders’ equity	2,455.1	2,331.2
Total liabilities and stockholders’ equity	$ 9,927.6	$ 9,946.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Statement of Financial Position [Abstract]
Land, buildings and equipment, net of accumulated depreciation and amortization	$ 2,719.1	$ 2,640.9

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock And Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Unearned Compensation
Beginning balance at May. 26, 2019	$ 2,392.6	$ 1,685	$ 806.6	$ (98.2)	$ (0.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	195.3		195.3
Other comprehensive income (loss)	97.7			97.7
Dividends declared	(217.5)		(217.5)
Stock option exercises	10.8	10.8
Stock-based compensation	15.6	15.6
Repurchases of common stock	(230.9)	(27.2)	(203.7)
Issuance of stock under Employee Stock Purchase Plan and other plans	4	4
Other	6.1	1.8	3.8		0.5
Ending balance at Nov. 24, 2019	2,273.7	1,690	584.5	(0.5)	(0.3)
Beginning balance at Aug. 25, 2019	2,381.3	1,692.9	789.9	(101)	(0.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	24.7		24.7
Other comprehensive income (loss)	100.5			100.5
Dividends declared	(109.1)		(109.1)
Stock option exercises	1.6	1.6
Stock-based compensation	8	8
Repurchases of common stock	(136.1)	(16.3)	(119.8)
Issuance of stock under Employee Stock Purchase Plan and other plans	2	2
Other	0.8	1.8	(1.2)		0.2
Ending balance at Nov. 24, 2019	2,273.7	1,690	584.5	(0.5)	(0.3)
Beginning balance at May. 31, 2020	2,331.2	2,205.3	143.5	(17.6)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	132.1		132.1
Other comprehensive income (loss)	10.5			10.5
Dividends declared	(39.5)		(39.5)
Stock option exercises	5.6	5.6
Stock-based compensation	23	23
Repurchases of common stock	(6.8)	(1.5)	(5.3)
Issuance of stock under Employee Stock Purchase Plan and other plans	4.8	4.8
Other	(5.8)	1.8	(7.6)
Ending balance at Nov. 29, 2020	2,455.1	2,239	223.2	(7.1)	0
Beginning balance at Aug. 30, 2020	2,375	2,220.9	166.6	(12.5)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	96		96
Other comprehensive income (loss)	5.4			5.4
Dividends declared	(39.5)		(39.5)
Stock option exercises	3.9	3.9
Stock-based compensation	11.9	11.9
Repurchases of common stock	(0.2)	(0.1)	(0.1)
Issuance of stock under Employee Stock Purchase Plan and other plans	2.3	2.3
Other	0.3	0.1	0.2
Ending balance at Nov. 29, 2020	$ 2,455.1	$ 2,239	$ 223.2	$ (7.1)	$ 0

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.30	$ 0.88	$ 0.30	$ 1.76
Stock options exercised (in shares)	0.1	0	0.1	0.2
Repurchases of common stock (in shares)	0	1.2	0.1	2
Issuance of stock under Employee Stock Purchase Plan and other plans (in shares)	0	0.1	0.1	0.1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019
Cash flows—operating activities
Net earnings	$ 132.1	$ 195.3
Losses from discontinued operations, net of tax	2.1	1.9
Adjustments to reconcile net earnings from continuing operations to cash flows:
Depreciation and amortization	173.6	173.8
Stock-based compensation expense	41.4	28
Change in current assets and liabilities	(6.9)	(86.8)
Contributions to pension and postretirement plans	(0.7)	(13.1)
Deferred income taxes	(8)	(8.4)
Change in other assets and liabilities	118.4	6.8
Pension settlement charge	0	147.1
Other, net	(23.4)	(1.5)
Net cash provided by operating activities of continuing operations	428.6	443.1
Cash flows—investing activities
Purchases of land, buildings and equipment	(108.2)	(256.5)
Proceeds from disposal of land, buildings and equipment	5.4	4.3
Cash used in business acquisitions, net of cash acquired	0	(37)
Purchases of capitalized software and other assets	(6.6)	(10.8)
Other, net	(0.3)	(9.7)
Net cash used in investing activities of continuing operations	(109.7)	(309.7)
Cash flows—financing activities
Proceeds from issuance of common stock	10.4	14.8
Dividends paid	(39.1)	(215.7)
Repurchases of common stock	(6.8)	(230.9)
Repayments of short-term debt	(270)	0
Principal payments on finance leases	(2.9)	(2.5)
Other, net	0	0.5
Net cash used in financing activities of continuing operations	(308.4)	(433.8)
Cash flows—discontinued operations
Net cash provided by operating activities of discontinued operations	3.5	0.4
Net cash provided by discontinued operations	3.5	0.4
Increase (decrease) in cash and cash equivalents	14	(300)
Cash and cash equivalents - beginning of period	763.3	457.3
Cash and cash equivalents - end of period	777.3	157.3
Cash flows from changes in current assets and liabilities
Receivables, net	3.6	7.3
Inventories	3.9	(4.8)
Prepaid expenses and other current assets	1.3	(5)
Accounts payable	(24.8)	(5.2)
Accrued payroll	(20.1)	(38.2)
Prepaid/accrued income taxes	(3.5)	(1.9)
Other accrued taxes	4.2	6.4
Unearned revenues	(28.1)	(38.2)
Other current liabilities	56.6	(7.2)
Change in current assets and liabilities	$ (6.9)	$ (86.8)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Darden Restaurants, Inc. (we, our, Darden or the Company) owns and operates full-service dining restaurants in the United States and Canada under the trade names Olive Garden ® , LongHorn Steakhouse ® , Cheddar’s Scratch Kitchen ® , Yard House ® , The Capital Grille ® , Seasons 52 ® , Bahama Breeze ® , and Eddie V’s Prime Seafood ® . As of November 29, 2020, through subsidiaries, we own and operate all of our restaurants in the United States and Canada, except for 3 joint venture restaurants managed by us and 32 franchised restaurants. We also have 27 franchised restaurants in operation located in Latin America. We have prepared these consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. We operate on a 52/53-week fiscal year which ends on the last Sunday in May. Our fiscal year ending May 30, 2021 will contain 52 weeks of operation. Operating results for interim periods presented are not necessarily indicative of results that may be expected for the full fiscal year. These statements should be read in conjunction with the consolidated financial statements and related notes to consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020. We prepare our consolidated financial statements in conformity with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and costs and expenses during the reporting period. Actual results could differ from those estimates. We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation. COVID-19 Pandemic The COVID-19 pandemic has resulted in a significant reduction in guest traffic at our restaurants due to changes in consumer behavior as public health officials encouraged social distancing and state and local governments mandated restrictions including suspension of dine-in operations, reduced restaurant seating capacity, table spacing requirements, bar closures and additional physical barriers. Beginning in late March 2020, we operated with all of our dining rooms closed and served our guests in a To Go only or To Go and delivery format. In late April 2020, state and local governments began to allow us to open dining rooms at limited capacities, along with other operating restrictions. While increasing our in-restaurant dining capacity is subject to the ordinances in the jurisdictions we operate, we are focused on increasing capacity where possible, while continuing to provide a safe environment for our team members and guests, and maintaining many of the operating efficiencies established during this time. As we navigate through the pandemic, we have taken significant steps to adapt our business to allow us to continue to serve guests, support our team members and secure our liquidity position to provide financial flexibility. As we progressed into November, rising case rates have resulted in certain jurisdictions implementing restrictions that reduce dining room capacity or mandate the closure of dining rooms. We anticipate continued uncertainty surrounding dining room operations for the near term. As of the date of this filing, 84.0 percent of our restaurants were able to open their dining rooms to some extent. With approved vaccines beginning to be distributed, we expect our restaurants’ dining room capacity to increase as public health conditions improve and restrictions are eased. However, it is possible additional outbreaks could require us to reduce our capacity or further suspend our in-restaurant dining operations. Recently Adopted Accounting Standards As of June 1, 2020, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The amendments in this update require entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. This guidance impacts, among other items, how a company determines liabilities associated with financial guarantees related to assigned leases. We remain contingently liable for lease payments under certain restaurant leases related to dispositions. We adopted this guidance using the modified retrospective transition method. Upon adoption, we recorded a $7.5 million (net of tax of $2.5 million) cumulative-effect adjustment to the beginning balance of retained earnings related to an expected credit loss liability for the contingent aspect of our lease guarantees. See Note 11 for information regarding contingent lease guarantees. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740). The amendments in this update are intended to simplify the accounting for income taxes by removing certain exceptions in the existing guidance and simplify areas

Revenue Recognition

Revenue Recognition	6 Months Ended
	Nov. 29, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Deferred revenue liabilities from contracts with customers included on our accompanying consolidated balance sheets is comprised of the following: (in millions) November 29, 2020 May 31, 2020 Unearned revenues Deferred gift card revenue $ 469.3 $ 494.6 Deferred gift card discounts (29.9) (28.2) Other 0.5 1.5 Total $ 439.9 $ 467.9 Other liabilities Deferred franchise fees - non-current $ 2.2 $ 2.8 The following table presents a rollforward of deferred gift card revenue. Three Months Ended Six Months Ended (in millions) November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Beginning balance $ 475.6 $ 410.2 $ 494.6 $ 453.6 Activations 94.7 127.4 170.4 243.8 Redemptions and breakage (101.0) (125.2) (195.7) (285.0) Ending balance $ 469.3 $ 412.4 $ 469.3 $ 412.4

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Nov. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	Additional Financial Information Supplemental Balance Sheet Information The components of lease assets and liabilities on the consolidated balance sheet are as follows: (in millions) Balance Sheet Classification November 29, 2020 May 31, 2020 Operating lease right-of-use assets Operating lease right-of-use assets $ 3,909.8 $ 3,969.2 Finance lease right-of-use assets Land, buildings and equipment, net 292.0 235.2 Total lease assets, net $ 4,201.8 $ 4,204.4 Operating lease liabilities - current Other current liabilities $ 178.1 $ 160.6 Finance lease liabilities - current Other current liabilities 5.8 5.7 Operating lease liabilities - non-current Operating lease liabilities - non-current 4,222.8 4,276.3 Finance lease liabilities - non-current Other liabilities 432.3 368.4 Total lease liabilities $ 4,839.0 $ 4,811.0 Supplemental Cash Flow Information Cash paid for interest and income taxes are as follows: Six Months Ended (in millions) November 29, 2020 November 24, 2019 Interest, net of amounts capitalized $ 31.4 $ 26.8 Income taxes, net of refunds 12.6 (4.7) Non-cash investing and financing activities are as follows: Six Months Ended (in millions) November 29, 2020 November 24, 2019 Increase in land, buildings and equipment through accrued purchases $ 33.9 $ 50.9 Right-of-use assets obtained in exchange for new operating lease liabilities 42.7 106.6 Right-of-use assets obtained in exchange for new finance lease liabilities 67.1 139.3

Income Taxes

Income Taxes	6 Months Ended
	Nov. 29, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for continuing operations for the quarter ended November 29, 2020 was 8.3 percent, reflecting income tax expense of $8.8 million, compared to an effective income tax rate for the quarter ended November 24, 2019 of (509.7) percent, reflecting an income tax benefit of $31.6 million. The effective income tax rate for continuing operations for the six months ended November 29, 2020 was 2.9 percent, reflecting income tax expense of $4.0 million compared to an effective income tax rate of (7.1) percent for the six months ended November 24, 2019, reflecting an income tax benefit of $13.0 million. The change was driven by lower net earnings from continuing operations in the quarter ended November 24, 2019 compared to the quarter ended November 29, 2020, primarily due to a pension settlement charge recorded during the quarter ended November 24, 2019 and the impact of certain tax credits on our lower earnings before income taxes. Included in our remaining balance of unrecognized tax benefits is $6.1 million related to tax positions for which it is reasonably possible that the total amounts could change within the next twelve months based on the outcome of examinations or as a result of the expiration of the statute of limitations for specific jurisdictions.

Net Earnings per Share

Net Earnings per Share	6 Months Ended
	Nov. 29, 2020
Earnings Per Share [Abstract]
Net Earnings per Share	Net Earnings per Share Outstanding stock options, restricted stock and equity-settled performance stock units granted by us represent the only dilutive effect reflected in diluted weighted average shares outstanding, none of which impact the numerator of the diluted net earnings per share computation. Stock options, restricted stock and equity-settled performance stock units excluded from the calculation of diluted net earnings per share because the effect would have been anti-dilutive, are as follows: Three Months Ended Six Months Ended (in millions) November 29, November 24, November 29, November 24, Anti-dilutive stock-based compensation awards 0.7 0.7 1.1 0.5

Segment Information

Segment Information	6 Months Ended
	Nov. 29, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We manage our restaurant brands, Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s, in North America as operating segments. The brands operate principally in the U.S. within full-service dining. We aggregate our operating segments into reportable segments based on a combination of the size, economic characteristics and sub-segment of full-service dining within which each brand operates. We have four reportable segments: (1) Olive Garden, (2) LongHorn Steakhouse, (3) Fine Dining and (4) Other Business. The Olive Garden segment includes the results of our company-owned Olive Garden restaurants in the U.S. and Canada. The LongHorn Steakhouse segment includes the results of our company-owned LongHorn Steakhouse restaurants in the U.S. The Fine Dining segment aggregates our premium brands that operate within the fine-dining sub-segment of full-service dining and includes the results of our company-owned The Capital Grille and Eddie V’s restaurants in the U.S. The Other Business segment aggregates our remaining brands and includes the results of our company-owned Cheddar’s Scratch Kitchen, Yard House, Seasons 52 and Bahama Breeze restaurants in the U.S and results from our franchise operations. External sales are derived principally from food and beverage sales. We do not rely on any major customers as a source of sales, and the customers and long-lived assets of our reportable segments are predominantly in the U.S. There were no material transactions among reportable segments. Our management uses segment profit as the measure for assessing performance of our segments. Segment profit includes revenues and expenses directly attributable to restaurant-level results of operations (sometimes referred to as restaurant-level earnings). These expenses include food and beverage costs, restaurant labor costs, restaurant expenses and marketing expenses (collectively “restaurant and marketing expenses”). Non-cash lease-related expenses included in restaurant expenses (which is a component of segment profit) and lease-related depreciation and amortization are reported at the corporate level as these are expenses for which our operating segments are not being evaluated. Additionally, our lease-related right-of-use assets are not managed or evaluated at the operating segment level, but rather at the corporate level. The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP. (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the three months ended November 29, 2020 Sales $ 829.5 $ 407.4 $ 108.1 $ 311.5 $ — $ 1,656.5 Restaurant and marketing expenses 654.4 341.1 87.8 272.2 4.4 1,359.9 Segment profit $ 175.1 $ 66.3 $ 20.3 $ 39.3 $ (4.4) $ 296.6 Depreciation and amortization $ 34.5 $ 16.5 $ 7.8 $ 24.0 $ 3.2 $ 86.0 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the six months ended November 29, 2020 Sales $ 1,617.7 $ 784.1 $ 191.2 $ 590.9 $ — $ 3,183.9 Restaurant and marketing expenses 1,268.8 660.8 161.0 515.9 8.3 2,614.8 Segment profit $ 348.9 $ 123.3 $ 30.2 $ 75.0 $ (8.3) $ 569.1 Depreciation and amortization $ 70.4 $ 33.4 $ 15.5 $ 48.1 $ 6.2 $ 173.6 Purchases of land, buildings and equipment 34.6 17.4 24.1 31.1 1.0 108.2 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the three months ended November 24, 2019 Sales $ 1,023.6 $ 447.3 $ 154.8 $ 430.7 $ — $ 2,056.4 Restaurant and marketing expenses 833.3 375.4 124.4 383.0 1.1 1,717.2 Segment profit $ 190.3 $ 71.9 $ 30.4 $ 47.7 $ (1.1) $ 339.2 Depreciation and amortization $ 36.0 $ 17.0 $ 8.1 $ 24.5 $ 2.0 $ 87.6 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the six months ended November 24, 2019 Sales $ 2,113.8 $ 897.5 $ 291.1 $ 887.9 $ — $ 4,190.3 Restaurant and marketing expenses 1,694.6 751.1 240.4 775.8 3.5 3,465.4 Segment profit $ 419.2 $ 146.4 $ 50.7 $ 112.1 $ (3.5) $ 724.9 Depreciation and amortization $ 72.1 $ 33.8 $ 15.9 $ 48.5 $ 3.5 $ 173.8 Purchases of land, buildings and equipment 112.1 41.7 35.5 64.0 3.2 256.5 Reconciliation of segment profit to earnings from continuing operations before income taxes: Three Months Ended Six Months Ended (in millions) November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Segment profit $ 296.6 $ 339.2 $ 569.1 $ 724.9 Less general and administrative expenses (89.9) (91.4) (218.2) (189.4) Less depreciation and amortization (86.0) (87.6) (173.6) (173.8) Less interest, net (14.6) (13.1) (31.2) (24.2) Less other (income) expense, net (0.4) (153.3) (7.9) (153.3) Earnings (loss) before income taxes $ 105.7 $ (6.2) $ 138.2 $ 184.2

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Nov. 29, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Accumulated Other Comprehensive Income (Loss) (AOCI) The components of accumulated other comprehensive income (loss), net of tax, for the quarter and six months ended November 29, 2020 are as follows: (in millions) Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Derivatives Benefit Plan Funding Position Accumulated Other Comprehensive Income (Loss) Balance at August 30, 2020 $ 4.7 $ (4.1) $ (13.1) $ (12.5) Gain (loss) — 4.6 — 4.6 Reclassification realized in net earnings — 0.4 0.4 0.8 Balance at November 29, 2020 $ 4.7 $ 0.9 $ (12.7) $ (7.1) Balance at May 31, 2020 $ 4.5 $ (8.6) $ (13.5) $ (17.6) Gain (loss) 0.2 9.0 — 9.2 Reclassification realized in net earnings — 0.5 0.8 1.3 Balance at November 29, 2020 $ 4.7 $ 0.9 $ (12.7) $ (7.1) The components of accumulated other comprehensive income (loss), net of tax, for the quarter and six months ended November 24, 2019 are as follows: (in millions) Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Derivatives Benefit Plan Funding Position Accumulated Other Comprehensive Income (Loss) Balance at August 25, 2019 $ (1.0) $ 6.1 $ (106.1) $ (101.0) Gain (loss) 5.5 (3.0) (12.7) (10.2) Reclassification realized in net earnings — 0.3 110.4 110.7 Balance at November 24, 2019 $ 4.5 $ 3.4 $ (8.4) $ (0.5) Balance at May 26, 2019 $ (1.0) $ 9.0 $ (106.2) $ (98.2) Gain (loss) 5.5 (5.1) (12.7) (12.3) Reclassification realized in net earnings — (0.5) 110.5 110.0 Balance at November 24, 2019 $ 4.5 $ 3.4 $ (8.4) $ (0.5) The following table presents the amounts and line items in our consolidated statements of earnings where adjustments reclassified from AOCI into net earnings were recorded. Amount Reclassified from AOCI into Net Earnings Three Months Ended Six Months Ended (in millions) AOCI Components Location of Gain (Loss) Recognized in Earnings November 29, November 24, November 29, November 24, Derivatives Commodity contracts (1) $ (0.4) $ (0.2) $ (0.9) $ (0.6) Equity contracts (2) (0.1) — 0.3 1.0 Interest rate contracts (3) (0.1) (0.1) (0.1) (0.1) Total before tax $ (0.6) (0.3) $ (0.7) $ 0.3 Tax (expense) benefit 0.2 — 0.2 0.2 Net of tax $ (0.4) $ (0.3) $ (0.5) $ 0.5 Benefit plan funding position Recognized net actuarial loss - pension/postretirement plans (4) $ (0.1) $ (147.9) $ (0.1) $ (148.8) Recognized net actuarial gain (loss) - other plans (5) (0.5) 0.8 (1.0) 1.6 Total before tax $ (0.6) $ (147.1) $ (1.1) $ (147.2) Tax (expense) benefit 0.2 36.7 0.3 36.7 Net of tax $ (0.4) $ (110.4) $ (0.8) $ (110.5) (1) Primarily included in food and beverage costs and restaurant expenses. See Note 9 for additional details. (2) Included in general and administrative expenses. See Note 9 for additional details. (3) Included in interest, net on our consolidated statements of earnings. (4) Included in the computation of net periodic benefit costs - pension and postretirement plans, which is a component of general and administrative expenses and other (income) expense, net.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 29, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation We grant stock options for a fixed number of shares to certain employees with an exercise price equal to the fair value of the shares at the date of grant. We also grant restricted stock, restricted stock units and performance stock units with a fair value generally determined based on our closing stock price on the date of grant. In addition, we grant cash settled stock units (Darden stock units) which are classified as liabilities and are marked to market as of the end of each period. The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes option pricing model for options granted during the periods presented, were as follows: Six Months Ended November 29, 2020 November 24, 2019 Weighted-average fair value $ 20.07 $ 19.94 Dividend yield 3.0 % 3.0 % Expected volatility of stock 37.3 % 22.5 % Risk-free interest rate 0.4 % 1.9 % Expected option life (in years) 6.4 6.3 Weighted-average exercise price per share $ 78.84 $ 124.24 The weighted-average grant date fair value of performance-based restricted stock units and the related assumptions used in the Monte Carlo simulation to record stock-based compensation for units granted during the periods presented, were as follows: Six Months Ended November 29, 2020 November 24, 2019 Dividend yield (1) 0.0 % 0.0 % Expected volatility of stock 50.5 % 23.1 % Risk-free interest rate 0.1 % 1.8 % Expected life (in years) 2.8 2.9 Weighted-average grant date fair value per unit $ 83.46 $ 124.41 (1) Assumes a reinvestment of dividends. The following table presents a summary of our stock-based compensation activity for the six months ended November 29, 2020. (in millions) Stock Restricted Equity-Settled Cash-Settled Darden Outstanding beginning of period 2.62 0.28 0.55 1.03 Awards granted 0.28 0.09 0.14 0.28 Awards exercised/vested (0.12) (0.07) (0.19) (0.29) Awards forfeited (0.01) (0.01) — (0.05) Outstanding end of period 2.77 0.29 0.50 0.97 We recognized expense from stock-based compensation as follows: Three Months Ended Six Months Ended (in millions) November 29, November 24, November 29, November 24, Stock options $ 2.8 $ 1.5 $ 4.5 $ 2.8 Restricted stock/restricted stock units 3.0 1.7 5.8 3.5 Equity-settled performance stock units 5.1 3.9 10.7 7.7 Cash-settled Darden stock units 10.4 5.8 18.4 12.4 Employee stock purchase plan 0.6 0.5 1.3 0.9 Director compensation program/other 0.3 0.4 0.7 0.7 Total stock-based compensation expense $ 22.2 $ 13.8 $ 41.4 $ 28.0

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Nov. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging ActivitiesWe enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as provided by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. We use financial derivatives to manage interest rate and compensation risks inherent in our business operations. To the extent our cash-flow hedging instruments are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria required by Topic 815 of the FASB ASC, changes in the derivatives’ fair value are not included in current earnings, but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. To the extent the cash flow hedge accounting criteria are not met, the derivative contracts are utilized as economic hedges and changes in the fair value of such contracts are recorded currently in earnings in the period in which they occur. By using these instruments, we expose ourselves, from time to time, to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. We minimize this credit risk by entering into transactions with high quality counterparties. We currently do not have any provisions in our agreements with counterparties that would require either party to hold or post collateral in the event that the market value of the related derivative instrument exceeds a certain limit. As such, the maximum amount of loss due to counterparty credit risk we would incur at November 29, 2020, if counterparties to the derivative instruments failed completely to perform, would approximate the values of derivative instruments currently recognized as assets on our consolidated balance sheet. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, commodity prices, or the market price of our common stock. We minimize this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. We periodically enter into commodity futures, swaps and option contracts (collectively, commodity contracts) to reduce the risk of variability in cash flows associated with fluctuations in the price we pay for commodities, such as natural gas and diesel fuel. For certain of our commodity purchases, changes in the price we pay for these commodities are highly correlated with changes in the market price of these commodities. For these commodity purchases, we designate commodity contracts as cash flow hedging instruments. For the remaining commodity purchases, changes in the price we pay for these commodities are not highly correlated with changes in the market price, generally due to the timing of when changes in the market prices are reflected in the price we pay. For these commodity purchases, we utilize these commodity contracts as economic hedges. Our commodity contracts currently extend through May 2021. We enter into equity forward contracts to hedge the risk of changes in future cash flows associated with the unvested, unrecognized Darden stock units. The equity forward contracts will be settled at the end of the vesting periods of their underlying Darden stock units, which range between three We entered into equity forward contracts to hedge the risk of changes in future cash flows associated with recognized, employee-directed investments in Darden stock within the non-qualified deferred compensation plan. We did not elect hedge accounting with the expectation that changes in the fair value of the equity forward contracts would offset changes in the fair value of Darden stock investments in the non-qualified deferred compensation plan within general and administrative expenses in our consolidated statements of earnings. These contracts currently extend through July 2024. The notional and fair values of our derivative contracts are as follows: Fair Values (in millions, except Number of Shares Outstanding Weighted-Average Notional Values Derivative Assets (1) Derivative Liabilities (1) November 29, 2020 November 29, May 31, November 29, May 31, Equity forwards: Designated 0.3 $104.56 $ 31.2 $ — $ 1.8 $ — $ — Not designated 0.5 $103.26 $ 52.9 — 4.4 0.1 — Total equity forwards $ — $ 6.2 $ 0.1 $ — Commodity contracts: Designated N/A N/A $ 9.3 $ 0.5 $ 0.3 $ 0.6 $ 1.8 Not designated N/A N/A $ 0.5 — — 0.1 0.3 Total commodity contracts $ 0.5 $ 0.3 $ 0.7 $ 2.1 Total derivative contracts $ 0.5 $ 6.5 $ 0.8 $ 2.1 (1) Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets. The effects of derivative instruments accounted for as cash flow hedging instruments in the consolidated statements of earnings are as follows: Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified from AOCI to Earnings Three Months Ended Three Months Ended (in millions) November 29, November 24, November 29, November 24, Equity (1) $ 5.0 $ (3.3) $ (0.1) $ — Commodity (2) (0.5) 0.4 (0.4) (0.2) Interest rate (3) — — (0.1) (0.1) Total $ 4.5 $ (2.9) $ (0.6) $ (0.3) Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified from AOCI to Earnings Six Months Ended Six Months Ended (in millions) November 29, November 24, November 29, November 24, Equity (1) $ 8.7 $ (4.3) $ 0.3 $ 1.0 Commodity (2) 0.4 (1.0) (0.9) (0.6) Interest rate (3) — — (0.1) (0.1) Total $ 9.1 $ (5.3) $ (0.7) $ 0.3 (1) Location of the gain (loss) reclassified from AOCI to earnings is general and administrative expenses. (2) Location of the gain (loss) reclassified from AOCI to earnings is food and beverage costs and restaurant expenses. (3) Location of the gain (loss) reclassified from AOCI to earnings is interest, net. The effects of derivatives not designated as hedging instruments in the consolidated statements of earnings are as follows: Amount of Gain (Loss) Recognized in Earnings (in millions) Three Months Ended Six Months Ended Location of Gain (Loss) Recognized in Earnings on Derivatives November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Food and beverage costs and restaurant expenses $ — $ — $ 0.1 $ 0.3 General and administrative expenses 10.6 (1.2) 15.1 (0.6) Total $ 10.6 $ (1.2) $ 15.2 $ (0.3)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Nov. 29, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair values of cash equivalents, receivables, net, accounts payable and short-term debt approximate their carrying amounts due to their short duration. The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of November 29, 2020 and May 31, 2020 . Items Measured at Fair Value at November 29, 2020 (in millions) Fair value Quoted prices Significant Significant Derivatives: Commodities futures, swaps & options (1) $ (0.2) $ — $ (0.2) $ — Equity forwards (2) (0.1) — (0.1) — Total $ (0.3) $ — $ (0.3) $ — Items Measured at Fair Value at May 31, 2020 (in millions) Fair value Quoted prices Significant Significant Derivatives: Commodities futures, swaps & options (1) $ (1.8) $ — $ (1.8) $ — Equity forwards (2) 6.2 — 6.2 — Total $ 4.4 $ — $ 4.4 $ — (1) The fair value of our commodities futures, swaps and options is based on closing market prices of the contracts, inclusive of the risk of nonperformance. (2) The fair value of equity forwards is based on the closing market value of Darden stock, inclusive of the risk of nonperformance. The carrying value and fair value of long-term debt as of November 29, 2020, was $929.4 million and $1.04 billion, respectively. The carrying value and fair value of long-term debt as of May 31, 2020, was $928.8 million and $1.20 billion, respectively. The fair value of long-term debt, which is classified as Level 2 in the fair value hierarchy, is determined based on market prices or, if market prices are not available, the present value of the underlying cash flows discounted at our incremental borrowing rates. The fair value of non-financial assets measured at fair value on a non-recurring basis, classified as Level 2 in the fair value hierarchy, is determined based on third-party market appraisals. As of November 29, 2020, adjustments to the fair values of non-financial assets measured at fair value on a non-recurring basis, classified as Level 2, were not material. As of May 31, 2020, operating lease right-of-use assets with a carrying amount of $24.2 million, primarily related to seven restaurants, were determined to have a fair value of $17.6 million resulting in an impairment of $6.6 million.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Nov. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As collateral for performance on contracts and as credit guarantees to banks and insurers, we are contingently liable for guarantees of subsidiary obligations under standby letters of credit. As of November 29, 2020 and May 31, 2020, we had $70.5 million and $65.2 million, respectively, of standby letters of credit related to workers’ compensation and general liabilities accrued in our consolidated financial statements. As of November 29, 2020 and May 31, 2020, we had $28.5 million and $44.0 million, respectively, of surety bonds related to other payments. Most surety bonds are renewable annually. As of November 29, 2020 and May 31, 2020, we had $125.6 million and $151.5 million, respectively, of guarantees associated with leased properties that have been assigned to third parties. These amounts represent the maximum potential amount of future payments under the guarantees. The fair value of the maximum potential future payments discounted at our weighted-average cost of capital as of November 29, 2020 and May 31, 2020, amounted to $102.8 million and $122.4 million, respectively. In the event of default by a third party, the indemnity and default clauses in our assignment agreements govern our ability to recover from and pursue the third party for damages incurred as a result of its default. We do not hold any third-party assets as collateral related to these assignment agreements, except to the extent that the assignment allows us to repossess the building and personal property. These guarantees expire over their respective lease terms, which range from fiscal 2021 through fiscal 2034. The likelihood of the third parties defaulting on the assignment agreements was deemed to be remote. In conjunction with the adoption of ASU 2016-13 in the first quarter of fiscal 2021, the liability recorded for our expected credit losses under these leases as of November 29, 2020 was $10.0 million. See Note 1.

Corporate Restructuring

Corporate Restructuring	6 Months Ended
	Nov. 29, 2020
Restructuring and Related Activities [Abstract]
Corporate Restructuring	Corporate Restructuring During the first quarter of fiscal 2021, as a result of the impact of the COVID-19 pandemic on our business operations, we undertook a strategic restructuring of our corporate organization and workforce in order to reduce costs and better align corporate expenses to our sales levels in the current environment. The corporate restructuring included a voluntary early retirement incentive program and other involuntary strategic workforce reductions. In accordance with these actions, we incurred employee termination benefits costs and other costs of $47.8 million, including cash and non-cash components of $38.1 million and $9.7 million, respectively. These costs are reflected in general and administrative expenses and other (income) expense, net in our consolidated statements of earnings for the six months ended November 29, 2020. The following table summarizes the accrued employee termination benefits and other costs which are included in other current liabilities and other liabilities on our consolidated balance sheet as of November 29, 2020. We expect the remaining liability to be paid by the second quarter of fiscal 2022. (in millions) Initial Liability Payments Balance at November 29, 2020 Accrued liability (1) $ 38.1 $ (10.6) $ 27.5 (1) Excludes costs associated with equity awards that will be settled in shares upon vesting and postretirement benefit plan valuation adjustment.

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 29, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On December 16, 2020, the Board of Directors declared a cash dividend of $0.37 per share to be paid February 1, 2021 to all shareholders of record as of the close of business on January 8, 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We have prepared these consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. We operate on a 52/53-week fiscal year which ends on the last Sunday in May. Our fiscal year ending May 30, 2021 will contain 52 weeks of operation. Operating results for interim periods presented are not necessarily indicative of results that may be expected for the full fiscal year.These statements should be read in conjunction with the consolidated financial statements and related notes to consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020. We prepare our consolidated financial statements in conformity with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and costs and expenses during the reporting period. Actual results could differ from those estimates.
Reclassification	We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards As of June 1, 2020, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The amendments in this update require entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. This guidance impacts, among other items, how a company determines liabilities associated with financial guarantees related to assigned leases. We remain contingently liable for lease payments under certain restaurant leases related to dispositions. We adopted this guidance using the modified retrospective transition method. Upon adoption, we recorded a $7.5 million (net of tax of $2.5 million) cumulative-effect adjustment to the beginning balance of retained earnings related to an expected credit loss liability for the contingent aspect of our lease guarantees. See Note 11 for information regarding contingent lease guarantees. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740). The amendments in this update are intended to simplify the accounting for income taxes by removing certain exceptions in the existing guidance and simplify areas

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Nov. 29, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer	Deferred revenue liabilities from contracts with customers included on our accompanying consolidated balance sheets is comprised of the following: (in millions) November 29, 2020 May 31, 2020 Unearned revenues Deferred gift card revenue $ 469.3 $ 494.6 Deferred gift card discounts (29.9) (28.2) Other 0.5 1.5 Total $ 439.9 $ 467.9 Other liabilities Deferred franchise fees - non-current $ 2.2 $ 2.8 The following table presents a rollforward of deferred gift card revenue. Three Months Ended Six Months Ended (in millions) November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Beginning balance $ 475.6 $ 410.2 $ 494.6 $ 453.6 Activations 94.7 127.4 170.4 243.8 Redemptions and breakage (101.0) (125.2) (195.7) (285.0) Ending balance $ 469.3 $ 412.4 $ 469.3 $ 412.4

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Nov. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Lease Assets and Liabilities	The components of lease assets and liabilities on the consolidated balance sheet are as follows: (in millions) Balance Sheet Classification November 29, 2020 May 31, 2020 Operating lease right-of-use assets Operating lease right-of-use assets $ 3,909.8 $ 3,969.2 Finance lease right-of-use assets Land, buildings and equipment, net 292.0 235.2 Total lease assets, net $ 4,201.8 $ 4,204.4 Operating lease liabilities - current Other current liabilities $ 178.1 $ 160.6 Finance lease liabilities - current Other current liabilities 5.8 5.7 Operating lease liabilities - non-current Operating lease liabilities - non-current 4,222.8 4,276.3 Finance lease liabilities - non-current Other liabilities 432.3 368.4 Total lease liabilities $ 4,839.0 $ 4,811.0
Schedule of Cash Flow, Supplemental Disclosures	Cash paid for interest and income taxes are as follows: Six Months Ended (in millions) November 29, 2020 November 24, 2019 Interest, net of amounts capitalized $ 31.4 $ 26.8 Income taxes, net of refunds 12.6 (4.7) Non-cash investing and financing activities are as follows: Six Months Ended (in millions) November 29, 2020 November 24, 2019 Increase in land, buildings and equipment through accrued purchases $ 33.9 $ 50.9 Right-of-use assets obtained in exchange for new operating lease liabilities 42.7 106.6 Right-of-use assets obtained in exchange for new finance lease liabilities 67.1 139.3

Net Earnings per Share (Tables)

Net Earnings per Share (Tables)	6 Months Ended
	Nov. 29, 2020
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Stock options, restricted stock and equity-settled performance stock units excluded from the calculation of diluted net earnings per share because the effect would have been anti-dilutive, are as follows: Three Months Ended Six Months Ended (in millions) November 29, November 24, November 29, November 24, Anti-dilutive stock-based compensation awards 0.7 0.7 1.1 0.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Nov. 29, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP. (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the three months ended November 29, 2020 Sales $ 829.5 $ 407.4 $ 108.1 $ 311.5 $ — $ 1,656.5 Restaurant and marketing expenses 654.4 341.1 87.8 272.2 4.4 1,359.9 Segment profit $ 175.1 $ 66.3 $ 20.3 $ 39.3 $ (4.4) $ 296.6 Depreciation and amortization $ 34.5 $ 16.5 $ 7.8 $ 24.0 $ 3.2 $ 86.0 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the six months ended November 29, 2020 Sales $ 1,617.7 $ 784.1 $ 191.2 $ 590.9 $ — $ 3,183.9 Restaurant and marketing expenses 1,268.8 660.8 161.0 515.9 8.3 2,614.8 Segment profit $ 348.9 $ 123.3 $ 30.2 $ 75.0 $ (8.3) $ 569.1 Depreciation and amortization $ 70.4 $ 33.4 $ 15.5 $ 48.1 $ 6.2 $ 173.6 Purchases of land, buildings and equipment 34.6 17.4 24.1 31.1 1.0 108.2 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the three months ended November 24, 2019 Sales $ 1,023.6 $ 447.3 $ 154.8 $ 430.7 $ — $ 2,056.4 Restaurant and marketing expenses 833.3 375.4 124.4 383.0 1.1 1,717.2 Segment profit $ 190.3 $ 71.9 $ 30.4 $ 47.7 $ (1.1) $ 339.2 Depreciation and amortization $ 36.0 $ 17.0 $ 8.1 $ 24.5 $ 2.0 $ 87.6 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the six months ended November 24, 2019 Sales $ 2,113.8 $ 897.5 $ 291.1 $ 887.9 $ — $ 4,190.3 Restaurant and marketing expenses 1,694.6 751.1 240.4 775.8 3.5 3,465.4 Segment profit $ 419.2 $ 146.4 $ 50.7 $ 112.1 $ (3.5) $ 724.9 Depreciation and amortization $ 72.1 $ 33.8 $ 15.9 $ 48.5 $ 3.5 $ 173.8 Purchases of land, buildings and equipment 112.1 41.7 35.5 64.0 3.2 256.5
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Reconciliation of segment profit to earnings from continuing operations before income taxes: Three Months Ended Six Months Ended (in millions) November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Segment profit $ 296.6 $ 339.2 $ 569.1 $ 724.9 Less general and administrative expenses (89.9) (91.4) (218.2) (189.4) Less depreciation and amortization (86.0) (87.6) (173.6) (173.8) Less interest, net (14.6) (13.1) (31.2) (24.2) Less other (income) expense, net (0.4) (153.3) (7.9) (153.3) Earnings (loss) before income taxes $ 105.7 $ (6.2) $ 138.2 $ 184.2

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Nov. 29, 2020
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss), net of tax, for the quarter and six months ended November 29, 2020 are as follows: (in millions) Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Derivatives Benefit Plan Funding Position Accumulated Other Comprehensive Income (Loss) Balance at August 30, 2020 $ 4.7 $ (4.1) $ (13.1) $ (12.5) Gain (loss) — 4.6 — 4.6 Reclassification realized in net earnings — 0.4 0.4 0.8 Balance at November 29, 2020 $ 4.7 $ 0.9 $ (12.7) $ (7.1) Balance at May 31, 2020 $ 4.5 $ (8.6) $ (13.5) $ (17.6) Gain (loss) 0.2 9.0 — 9.2 Reclassification realized in net earnings — 0.5 0.8 1.3 Balance at November 29, 2020 $ 4.7 $ 0.9 $ (12.7) $ (7.1) The components of accumulated other comprehensive income (loss), net of tax, for the quarter and six months ended November 24, 2019 are as follows: (in millions) Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Derivatives Benefit Plan Funding Position Accumulated Other Comprehensive Income (Loss) Balance at August 25, 2019 $ (1.0) $ 6.1 $ (106.1) $ (101.0) Gain (loss) 5.5 (3.0) (12.7) (10.2) Reclassification realized in net earnings — 0.3 110.4 110.7 Balance at November 24, 2019 $ 4.5 $ 3.4 $ (8.4) $ (0.5) Balance at May 26, 2019 $ (1.0) $ 9.0 $ (106.2) $ (98.2) Gain (loss) 5.5 (5.1) (12.7) (12.3) Reclassification realized in net earnings — (0.5) 110.5 110.0 Balance at November 24, 2019 $ 4.5 $ 3.4 $ (8.4) $ (0.5)
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our consolidated statements of earnings where adjustments reclassified from AOCI into net earnings were recorded. Amount Reclassified from AOCI into Net Earnings Three Months Ended Six Months Ended (in millions) AOCI Components Location of Gain (Loss) Recognized in Earnings November 29, November 24, November 29, November 24, Derivatives Commodity contracts (1) $ (0.4) $ (0.2) $ (0.9) $ (0.6) Equity contracts (2) (0.1) — 0.3 1.0 Interest rate contracts (3) (0.1) (0.1) (0.1) (0.1) Total before tax $ (0.6) (0.3) $ (0.7) $ 0.3 Tax (expense) benefit 0.2 — 0.2 0.2 Net of tax $ (0.4) $ (0.3) $ (0.5) $ 0.5 Benefit plan funding position Recognized net actuarial loss - pension/postretirement plans (4) $ (0.1) $ (147.9) $ (0.1) $ (148.8) Recognized net actuarial gain (loss) - other plans (5) (0.5) 0.8 (1.0) 1.6 Total before tax $ (0.6) $ (147.1) $ (1.1) $ (147.2) Tax (expense) benefit 0.2 36.7 0.3 36.7 Net of tax $ (0.4) $ (110.4) $ (0.8) $ (110.5) (1) Primarily included in food and beverage costs and restaurant expenses. See Note 9 for additional details. (2) Included in general and administrative expenses. See Note 9 for additional details. (3) Included in interest, net on our consolidated statements of earnings. (4) Included in the computation of net periodic benefit costs - pension and postretirement plans, which is a component of general and administrative expenses and other (income) expense, net.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Nonvested Share Activity	The following table presents a summary of our stock-based compensation activity for the six months ended November 29, 2020. (in millions) Stock Restricted Equity-Settled Cash-Settled Darden Outstanding beginning of period 2.62 0.28 0.55 1.03 Awards granted 0.28 0.09 0.14 0.28 Awards exercised/vested (0.12) (0.07) (0.19) (0.29) Awards forfeited (0.01) (0.01) — (0.05) Outstanding end of period 2.77 0.29 0.50 0.97
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	We recognized expense from stock-based compensation as follows: Three Months Ended Six Months Ended (in millions) November 29, November 24, November 29, November 24, Stock options $ 2.8 $ 1.5 $ 4.5 $ 2.8 Restricted stock/restricted stock units 3.0 1.7 5.8 3.5 Equity-settled performance stock units 5.1 3.9 10.7 7.7 Cash-settled Darden stock units 10.4 5.8 18.4 12.4 Employee stock purchase plan 0.6 0.5 1.3 0.9 Director compensation program/other 0.3 0.4 0.7 0.7 Total stock-based compensation expense $ 22.2 $ 13.8 $ 41.4 $ 28.0
Non-qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes option pricing model for options granted during the periods presented, were as follows: Six Months Ended November 29, 2020 November 24, 2019 Weighted-average fair value $ 20.07 $ 19.94 Dividend yield 3.0 % 3.0 % Expected volatility of stock 37.3 % 22.5 % Risk-free interest rate 0.4 % 1.9 % Expected option life (in years) 6.4 6.3 Weighted-average exercise price per share $ 78.84 $ 124.24
Equity-Settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted-average grant date fair value of performance-based restricted stock units and the related assumptions used in the Monte Carlo simulation to record stock-based compensation for units granted during the periods presented, were as follows: Six Months Ended November 29, 2020 November 24, 2019 Dividend yield (1) 0.0 % 0.0 % Expected volatility of stock 50.5 % 23.1 % Risk-free interest rate 0.1 % 1.8 % Expected life (in years) 2.8 2.9 Weighted-average grant date fair value per unit $ 83.46 $ 124.41 (1) Assumes a reinvestment of dividends.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Nov. 29, 2020
Derivative [Line Items]
Fair Value of Derivative Contracts Designated and Not Designated as Hedging Instruments	The notional and fair values of our derivative contracts are as follows: Fair Values (in millions, except Number of Shares Outstanding Weighted-Average Notional Values Derivative Assets (1) Derivative Liabilities (1) November 29, 2020 November 29, May 31, November 29, May 31, Equity forwards: Designated 0.3 $104.56 $ 31.2 $ — $ 1.8 $ — $ — Not designated 0.5 $103.26 $ 52.9 — 4.4 0.1 — Total equity forwards $ — $ 6.2 $ 0.1 $ — Commodity contracts: Designated N/A N/A $ 9.3 $ 0.5 $ 0.3 $ 0.6 $ 1.8 Not designated N/A N/A $ 0.5 — — 0.1 0.3 Total commodity contracts $ 0.5 $ 0.3 $ 0.7 $ 2.1 Total derivative contracts $ 0.5 $ 6.5 $ 0.8 $ 2.1 (1) Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.
Notional Values of Derivative Contracts Designated and Not Designated as Hedging Instruments	The notional and fair values of our derivative contracts are as follows: Fair Values (in millions, except Number of Shares Outstanding Weighted-Average Notional Values Derivative Assets (1) Derivative Liabilities (1) November 29, 2020 November 29, May 31, November 29, May 31, Equity forwards: Designated 0.3 $104.56 $ 31.2 $ — $ 1.8 $ — $ — Not designated 0.5 $103.26 $ 52.9 — 4.4 0.1 — Total equity forwards $ — $ 6.2 $ 0.1 $ — Commodity contracts: Designated N/A N/A $ 9.3 $ 0.5 $ 0.3 $ 0.6 $ 1.8 Not designated N/A N/A $ 0.5 — — 0.1 0.3 Total commodity contracts $ 0.5 $ 0.3 $ 0.7 $ 2.1 Total derivative contracts $ 0.5 $ 6.5 $ 0.8 $ 2.1 (1) Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.
Cash Flow Hedging
Derivative [Line Items]
Effects of Derivative Instruments in Hedging Relationships	The effects of derivative instruments accounted for as cash flow hedging instruments in the consolidated statements of earnings are as follows: Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified from AOCI to Earnings Three Months Ended Three Months Ended (in millions) November 29, November 24, November 29, November 24, Equity (1) $ 5.0 $ (3.3) $ (0.1) $ — Commodity (2) (0.5) 0.4 (0.4) (0.2) Interest rate (3) — — (0.1) (0.1) Total $ 4.5 $ (2.9) $ (0.6) $ (0.3) Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified from AOCI to Earnings Six Months Ended Six Months Ended (in millions) November 29, November 24, November 29, November 24, Equity (1) $ 8.7 $ (4.3) $ 0.3 $ 1.0 Commodity (2) 0.4 (1.0) (0.9) (0.6) Interest rate (3) — — (0.1) (0.1) Total $ 9.1 $ (5.3) $ (0.7) $ 0.3 (1) Location of the gain (loss) reclassified from AOCI to earnings is general and administrative expenses. (2) Location of the gain (loss) reclassified from AOCI to earnings is food and beverage costs and restaurant expenses.
Not Designated as Hedging Instruments
Derivative [Line Items]
Effects of Derivative Instruments in Hedging Relationships	The effects of derivatives not designated as hedging instruments in the consolidated statements of earnings are as follows: Amount of Gain (Loss) Recognized in Earnings (in millions) Three Months Ended Six Months Ended Location of Gain (Loss) Recognized in Earnings on Derivatives November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Food and beverage costs and restaurant expenses $ — $ — $ 0.1 $ 0.3 General and administrative expenses 10.6 (1.2) 15.1 (0.6) Total $ 10.6 $ (1.2) $ 15.2 $ (0.3)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Nov. 29, 2020
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 of November 29, 2020 and May 31, 2020 . Items Measured at Fair Value at November 29, 2020 (in millions) Fair value Quoted prices Significant Significant Derivatives: Commodities futures, swaps & options (1) $ (0.2) $ — $ (0.2) $ — Equity forwards (2) (0.1) — (0.1) — Total $ (0.3) $ — $ (0.3) $ — Items Measured at Fair Value at May 31, 2020 (in millions) Fair value Quoted prices Significant Significant Derivatives: Commodities futures, swaps & options (1) $ (1.8) $ — $ (1.8) $ — Equity forwards (2) 6.2 — 6.2 — Total $ 4.4 $ — $ 4.4 $ — (1) The fair value of our commodities futures, swaps and options is based on closing market prices of the contracts, inclusive of the risk of nonperformance. (2) The fair value of equity forwards is based on the closing market value of Darden stock, inclusive of the risk of nonperformance.

Corporate Restructuring (Tables

Corporate Restructuring (Tables)	6 Months Ended
	Nov. 29, 2020
Restructuring and Related Activities [Abstract]
Accrued Employee Termination Benefits and Other Costs	The following table summarizes the accrued employee termination benefits and other costs which are included in other current liabilities and other liabilities on our consolidated balance sheet as of November 29, 2020. We expect the remaining liability to be paid by the second quarter of fiscal 2022. (in millions) Initial Liability Payments Balance at November 29, 2020 Accrued liability (1) $ 38.1 $ (10.6) $ 27.5 (1) Excludes costs associated with equity awards that will be settled in shares upon vesting and postretirement benefit plan valuation adjustment.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	Jan. 06, 2021	Nov. 29, 2020USD ($)restaurant	Jun. 01, 2020USD ($)	May 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Retained earnings | $		$ (223.2)		$ (143.5)
Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Restaurants with dining rooms open (in percent)	84.00%
Cumulative Effect, Period of Adoption, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Retained earnings | $			$ 7.5
Retained earnings, net of tax | $			$ 2.5
Entity Operated Units
Summary Of Significant Accounting Policies [Line Items]
Number of restaurants | restaurant		3
Franchised Units
Summary Of Significant Accounting Policies [Line Items]
Number of restaurants | restaurant		32
Franchised Units | Latin America
Summary Of Significant Accounting Policies [Line Items]
Number of restaurants | restaurant		27

Revenue Recognition (Deferred R

Revenue Recognition (Deferred Revenue from Contract with Customer) (Details) - USD ($) $ in Millions	Nov. 29, 2020	Aug. 30, 2020	May 31, 2020	Nov. 24, 2019	Aug. 25, 2019	May 26, 2019
Unearned revenues
Unearned revenues	$ 439.9		$ 467.9
Other liabilities
Deferred franchise fees - non-current	2.2		2.8
Gift Card
Unearned revenues
Unearned revenues	469.3	$ 475.6	494.6	$ 412.4	$ 410.2	$ 453.6
Unearned revenues - discounts	(29.9)		(28.2)
Other
Unearned revenues
Unearned revenues	$ 0.5		$ 1.5

Revenue Recognition (Deferred G

Revenue Recognition (Deferred Gift Card Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance			$ 467.9
Ending balance	$ 439.9		439.9
Gift Card
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	475.6	$ 410.2	494.6	$ 453.6
Activations	94.7	127.4	170.4	243.8
Redemptions and breakage	(101)	(125.2)	(195.7)	(285)
Ending balance	$ 469.3	$ 412.4	$ 469.3	$ 412.4

Additional Financial Informat_3

Additional Financial Information (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use assets	$ 3,909.8	$ 3,969.2
Finance lease right-of-use assets	292	235.2
Total lease assets, net	4,201.8	4,204.4
Operating lease liabilities - current	178.1	160.6
Finance lease liabilities - current	5.8	5.7
Operating lease liabilities - non-current	4,222.8	4,276.3
Finance lease liabilities - non-current	432.3	368.4
Total lease liabilities	$ 4,839	$ 4,811
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtNoncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtNoncurrent

Additional Financial Informat_4

Additional Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest, net of amounts capitalized	$ 31.4	$ 26.8
Income taxes, net of refunds	12.6	(4.7)
Increase in land, buildings and equipment through accrued purchases	33.9	50.9
Right-of-use assets obtained in exchange for new operating lease liabilities	42.7	106.6
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 67.1	$ 139.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 8.8	$ (31.6)	$ 4	$ (13)
Tax position, change is reasonably possible in the next twelve months	$ 6.1		$ 6.1
Continuing Operations
Income Tax Contingency [Line Items]
Effective income tax rate (percentage)	8.30%	(509.70%)	2.90%	(7.10%)

Net Earnings per Share (Details

Net Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Earnings Per Share [Abstract]
Anti-dilutive stock-based compensation awards (in shares)	0.7	0.7	1.1	0.5

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Nov. 29, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information (Schedule o

Segment Information (Schedule of Segment Reporting) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Segment Reporting Information [Line Items]
Sales	$ 1,656.5	$ 2,056.4	$ 3,183.9	$ 4,190.3
Restaurant and marketing expenses	1,359.9	1,717.2	2,614.8	3,465.4
Segment profit	296.6	339.2	569.1	724.9
Depreciation and amortization	86	87.6	173.6	173.8
Purchases of land, buildings and equipment			108.2	256.5
Operating Segments | Olive Garden
Segment Reporting Information [Line Items]
Sales	829.5	1,023.6	1,617.7	2,113.8
Restaurant and marketing expenses	654.4	833.3	1,268.8	1,694.6
Segment profit	175.1	190.3	348.9	419.2
Depreciation and amortization	34.5	36	70.4	72.1
Purchases of land, buildings and equipment			34.6	112.1
Operating Segments | LongHorn Steakhouse
Segment Reporting Information [Line Items]
Sales	407.4	447.3	784.1	897.5
Restaurant and marketing expenses	341.1	375.4	660.8	751.1
Segment profit	66.3	71.9	123.3	146.4
Depreciation and amortization	16.5	17	33.4	33.8
Purchases of land, buildings and equipment			17.4	41.7
Operating Segments | Fine Dining
Segment Reporting Information [Line Items]
Sales	108.1	154.8	191.2	291.1
Restaurant and marketing expenses	87.8	124.4	161	240.4
Segment profit	20.3	30.4	30.2	50.7
Depreciation and amortization	7.8	8.1	15.5	15.9
Purchases of land, buildings and equipment			24.1	35.5
Operating Segments | Other Business
Segment Reporting Information [Line Items]
Sales	311.5	430.7	590.9	887.9
Restaurant and marketing expenses	272.2	383	515.9	775.8
Segment profit	39.3	47.7	75	112.1
Depreciation and amortization	24	24.5	48.1	48.5
Purchases of land, buildings and equipment			31.1	64
Corporate
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Restaurant and marketing expenses	4.4	1.1	8.3	3.5
Segment profit	(4.4)	(1.1)	(8.3)	(3.5)
Depreciation and amortization	$ 3.2	$ 2	6.2	3.5
Purchases of land, buildings and equipment			$ 1	$ 3.2

Segment Information (Reconcilia

Segment Information (Reconciliation of Segment Profit to Earnings from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Segment Reporting [Abstract]
Segment profit	$ 296.6	$ 339.2	$ 569.1	$ 724.9
Less general and administrative expenses	(89.9)	(91.4)	(218.2)	(189.4)
Less depreciation and amortization	(86)	(87.6)	(173.6)	(173.8)
Less interest, net	(14.6)	(13.1)	(31.2)	(24.2)
Other (income) expense, net	(0.4)	(153.3)	(7.9)	(153.3)
Earnings (loss) before income taxes	$ 105.7	$ (6.2)	$ 138.2	$ 184.2

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,375	$ 2,381.3	$ 2,331.2	$ 2,392.6
Gain (loss)	4.6	(10.2)	9.2	(12.3)
Reclassification realized in net earnings	0.8	110.7	1.3	110
Ending balance	2,455.1	2,273.7	2,455.1	2,273.7
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4.7	(1)	4.5	(1)
Gain (loss)	0	5.5	0.2	5.5
Reclassification realized in net earnings	0	0	0	0
Ending balance	4.7	4.5	4.7	4.5
Unrealized Gains (Losses) on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4.1)	6.1	(8.6)	9
Gain (loss)	4.6	(3)	9	(5.1)
Reclassification realized in net earnings	0.4	0.3	0.5	(0.5)
Ending balance	0.9	3.4	0.9	3.4
Benefit Plan Funding Position
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(13.1)	(106.1)	(13.5)	(106.2)
Gain (loss)	0	(12.7)	0	(12.7)
Reclassification realized in net earnings	0.4	110.4	0.8	110.5
Ending balance	(12.7)	(8.4)	(12.7)	(8.4)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(12.5)	(101)	(17.6)	(98.2)
Ending balance	$ (7.1)	$ (0.5)	$ (7.1)	$ (0.5)

Stockholders' Equity (Schedul_2

Stockholders' Equity (Schedule of Reclassification Adjustments out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less general and administrative expenses	$ (89.9)	$ (91.4)	$ (218.2)	$ (189.4)
Earnings before income taxes	105.7	(6.2)	138.2	184.2
Tax benefit (expense)	(8.8)	31.6	(4)	13
Net earnings	96	24.7	132.1	195.3
Amount Reclassified from AOCI into Net Earnings | Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before income taxes	(0.6)	(0.3)	(0.7)	0.3
Tax benefit (expense)	0.2	0	0.2	0.2
Net earnings	(0.4)	(0.3)	(0.5)	0.5
Amount Reclassified from AOCI into Net Earnings | Derivatives | Commodity contracts:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Food and beverage costs and restaurant expenses	(0.4)	(0.2)	(0.9)	(0.6)
Amount Reclassified from AOCI into Net Earnings | Derivatives | Equity contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Restaurant labor costs and general and administrative expenses	(0.1)	0	0.3	1
Amount Reclassified from AOCI into Net Earnings | Derivatives | Interest rate contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Restaurant labor costs and general and administrative expenses	(0.1)	(0.1)	(0.1)	(0.1)
Amount Reclassified from AOCI into Net Earnings | Benefit plan funding position
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before income taxes	(0.6)	(147.1)	(1.1)	(147.2)
Tax benefit (expense)	0.2	36.7	0.3	36.7
Net earnings	(0.4)	(110.4)	(0.8)	(110.5)
Amount Reclassified from AOCI into Net Earnings | Benefit plan funding position | Pension and postretirement plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Restaurant labor costs and general and administrative expenses	(0.1)	(147.9)	(0.1)	(148.8)
Amount Reclassified from AOCI into Net Earnings | Benefit plan funding position | Other plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less general and administrative expenses	$ (0.5)	$ 0.8	$ (1)	$ 1.6

Stock-Based Compensation (Optio

Stock-Based Compensation (Option Pricing Assumptions) (Details) - $ / shares	6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019
Non-qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value (in dollars per share)	$ 20.07	$ 19.94
Dividend yield (percentage)	3.00%	3.00%
Expected volatility of stock (percentage)	37.30%	22.50%
Risk-free interest rate (percentage)	0.40%	1.90%
Expected option life (in years)	6 years 4 months 24 days	6 years 3 months 18 days
Weighted-average exercise price per share (in dollars per share)	$ 78.84	$ 124.24
Equity-Settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (percentage)	0.00%	0.00%
Expected volatility of stock (percentage)	50.50%	23.10%
Risk-free interest rate (percentage)	0.10%	1.80%
Expected option life (in years)	2 years 9 months 18 days	2 years 10 months 24 days
Weighted-average exercise price per share (in dollars per share)	$ 83.46	$ 124.41

Stock-Based Compensation (Share

Stock-Based Compensation (Share Activity) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Awards exercised/vested (in shares)	(100)	0	(100)	(200)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares beginning of period (in shares)			2,620
Awards granted (in shares)			280
Awards exercised/vested (in shares)			(120)
Awards forfeited (in shares)			(10)
Outstanding shares end of period (in shares)	2,770		2,770
Restricted Stock/ Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding shares beginning of period (in shares)			280
Awards granted (in shares)			90
Awards exercised/vested (in shares)			(70)
Awards forfeited (in shares)			(10)
Outstanding shares end of period (in shares)	290		290
Equity-Settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding shares beginning of period (in shares)			550
Awards granted (in shares)			140
Awards exercised/vested (in shares)			(190)
Awards forfeited (in shares)			0
Outstanding shares end of period (in shares)	500		500
Cash-Settled Darden Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding shares beginning of period (in shares)			1,030
Awards granted (in shares)			280
Awards exercised/vested (in shares)			(290)
Awards forfeited (in shares)			(50)
Outstanding shares end of period (in shares)	970		970

Stock-Based Compensation (Recog

Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 22.2	$ 13.8	$ 41.4	$ 28
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2.8	1.5	4.5	2.8
Restricted stock/restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3	1.7	5.8	3.5
Equity-settled performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5.1	3.9	10.7	7.7
Cash-settled Darden stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	10.4	5.8	18.4	12.4
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.6	0.5	1.3	0.9
Director compensation program/other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.3	$ 0.4	$ 0.7	$ 0.7

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Millions	6 Months Ended
	Nov. 29, 2020USD ($)
Derivative [Line Items]
Cash flow hedge gain to be reclassified within twelve months	$ 0.4
Darden Stock Units | Minimum
Derivative [Line Items]
Vesting period	3 years
Darden Stock Units | Maximum
Derivative [Line Items]
Vesting period	5 years

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Notional and Fair Values of Derivative Contracts Designated and Not Designated as Hedging Instruments) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Nov. 29, 2020	May 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets	$ 0.5	$ 6.5
Derivative liabilities	0.8	2.1
Equity forwards:
Derivatives, Fair Value [Line Items]
Derivative assets	0	6.2
Derivative liabilities	$ 0.1	0
Equity forwards: | Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Number of shares outstanding (in shares)	0.3
Weighted-average forward rates (in dollars per share)	$ 104.56
Notional values	$ 31.2
Derivative assets	0	1.8
Derivative liabilities	$ 0	0
Equity forwards: | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Number of shares outstanding (in shares)	0.5
Weighted-average forward rates (in dollars per share)	$ 103.26
Notional values	$ 52.9
Derivative assets	0	4.4
Derivative liabilities	0.1	0
Commodity contracts:
Derivatives, Fair Value [Line Items]
Derivative assets	0.5	0.3
Derivative liabilities	0.7	2.1
Commodity contracts: | Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional values	9.3
Derivative assets	0.5	0.3
Derivative liabilities	0.6	1.8
Commodity contracts: | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional values	0.5
Derivative assets	0	0
Derivative liabilities	$ 0.1	$ 0.3

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Effects of Derivative Instruments in Cash Flow Hedging Relationships) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	$ 4.5		$ 9.1
Amount of Gain (Loss) Recognized in AOCI		$ (2.9)		$ (5.3)
Amount of Gain (Loss) Reclassified from AOCI to Earnings	(0.6)		(0.7)
Amount of Gain (Loss) Reclassified from AOCI to Earnings		(0.3)		0.3
Equity forwards:
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	5		8.7
Amount of Gain (Loss) Recognized in AOCI		(3.3)		(4.3)
Equity forwards: | Cost of sales and selling general and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI to Earnings	(0.1)		0.3
Amount of Gain (Loss) Reclassified from AOCI to Earnings		0		1
Commodity contracts:
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	(0.5)		0.4
Amount of Gain (Loss) Recognized in AOCI		0.4		(1)
Commodity contracts: | Food and beverage costs and restaurant expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI to Earnings	(0.4)		(0.9)
Amount of Gain (Loss) Reclassified from AOCI to Earnings		(0.2)		(0.6)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	0		0
Amount of Gain (Loss) Recognized in AOCI		0		0
Interest rate contracts | Food and beverage costs and restaurant expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI to Earnings	$ (0.1)		$ (0.1)
Amount of Gain (Loss) Reclassified from AOCI to Earnings		$ (0.1)		$ (0.1)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Effects of Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Earnings	$ 10.6	$ (1.2)	$ 15.2	$ (0.3)
Food and beverage costs and restaurant expenses
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Earnings	0	0	0.1	0.3
General and administrative expenses
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Earnings	$ 10.6	$ (1.2)	$ 15.1	$ (0.6)

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Values of Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Total	$ (0.3)	$ 4.4
Commodity contracts:
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	(0.2)	(1.8)
Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	(0.1)	6.2
Quoted prices in active market for identical assets (liabilities) (Level 1)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Total	0	0
Quoted prices in active market for identical assets (liabilities) (Level 1) | Commodity contracts:
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	0	0
Quoted prices in active market for identical assets (liabilities) (Level 1) | Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	0	0
Significant other observable inputs (Level 2)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Total	(0.3)	4.4
Significant other observable inputs (Level 2) | Commodity contracts:
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	(0.2)	(1.8)
Significant other observable inputs (Level 2) | Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	(0.1)	6.2
Significant unobservable inputs (Level 3)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Total	0	0
Significant unobservable inputs (Level 3) | Commodity contracts:
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	0	0
Significant unobservable inputs (Level 3) | Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	12 Months Ended
	May 31, 2020USD ($)restaurant	Nov. 29, 2020USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying value of long-term debt	$ 928.8	$ 929.4
Fair value of long-term debt	1,200	1,040
Long-lived assets	2,756.9	2,776
Goodwill	1,037.4	1,037.4
Trademarks	805.9	$ 806.3
Significant other observable inputs (Level 2)
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment	6.6
Significant other observable inputs (Level 2) | Carrying Value
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	$ 24.2
Number of underperforming restaurants | restaurant	7
Significant other observable inputs (Level 2) | Fair Value
Impaired Long-Lived Assets Held and Used [Line Items]
Assets held-for-sale, long-lived, fair value	$ 17.6
Significant unobservable inputs (Level 3)
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment	34.9
Significant unobservable inputs (Level 3) | Carrying Value
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	$ 35.1
Number of underperforming restaurants | restaurant	13
Number of restaurants damaged by natural disasters | restaurant	2
Significant unobservable inputs (Level 3) | Fair Value
Impaired Long-Lived Assets Held and Used [Line Items]
Assets held-for-sale, long-lived, fair value	$ 0.2
Cheddar's Scratch Kitchen | Significant unobservable inputs (Level 3)
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment	314.2
Cheddar's Scratch Kitchen | Significant unobservable inputs (Level 3) | Carrying Value
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill	334.3
Trademarks	375.1
Cheddar's Scratch Kitchen | Significant unobservable inputs (Level 3) | Fair Value
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill, fair value	165.1
Trademarks, fair value	$ 230.1

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
ASU 2016-13
Loss Contingencies [Line Items]
Allowance for credit loss	$ 10
Workers Compensation and General Liabilities Accrued
Loss Contingencies [Line Items]
Standby letters of credit	70.5	$ 65.2
Surety Bonds and Other Payments
Loss Contingencies [Line Items]
Standby letters of credit	28.5	44
Property Lease Guarantee
Loss Contingencies [Line Items]
Fair value of potential payments discounted at pre-tax cost of capital related to guarantee obligations	102.8	122.4
Property Lease Guarantee | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 125.6	$ 151.5

Corporate Restructuring (Narrat

Corporate Restructuring (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 30, 2020	Nov. 29, 2020
Restructuring and Related Activities [Abstract]
Employee termination benefits costs and other costs	$ 47.8
Restructuring charges, requiring cash settlement	38.1	$ 38.1
Restructuring reserve, settled without cash	$ 9.7

Corporate Restructuring (Accrue

Corporate Restructuring (Accrued Employee Termination Benefit and Other Costs) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 30, 2020	Nov. 29, 2020
Restructuring and Related Activities [Abstract]
Initial liability	$ 38.1	$ 38.1
Payments		(10.6)
Balance at November 29, 2020		$ 27.5

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Dec. 16, 2020	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.30	$ 0.88	$ 0.30	$ 1.76
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.37