Darden Restaurants (DRI) 10-Q 5 Jan 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Nov. 28, 2021	Dec. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 28, 2021
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)		127,723,677
Entity Registrant Name	DARDEN RESTAURANTS INC
Entity Central Index Key	0000940944
Amendment Flag	false
Current Fiscal Year End Date	--05-29
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Sales	$ 2,272.2	$ 1,656.5	$ 4,578.2	$ 3,183.9
Costs and expenses:
Restaurant labor	744.8	535.5	1,480.8	1,036.2
Marketing expenses	21.9	18.8	45.8	47.6
General and administrative expenses	91.4	89.9	204.2	218.2
Depreciation and amortization	92.1	86	181.1	173.6
Total operating costs and expenses	2,029.3	1,535.8	4,054.5	3,006.6
Operating income	242.9	120.7	523.7	177.3
Interest, net	16.7	14.6	32.3	31.2
Other (income) expense, net	0.3	0.4	0.5	7.9
Earnings before income taxes	225.9	105.7	490.9	138.2
Income tax expense	32.5	8.8	65.8	4
Earnings from continuing operations	193.4	96.9	425.1	134.2
Losses from discontinued operations, net of tax benefit of $0.0, $0.7, $0.5 and $1.6, respectively	(0.2)	(0.9)	(1)	(2.1)
Net earnings	$ 193.2	$ 96	$ 424.1	$ 132.1
Basic net earnings per share:
Earnings from continuing operations (in dollars per share)	$ 1.50	$ 0.74	$ 3.28	$ 1.03
Losses from discontinued operations (in dollars per share)	0	0	(0.01)	(0.01)
Net earnings (in dollars per share)	1.50	0.74	3.27	1.02
Diluted net earnings per share:
Earnings from continuing operations (in dollars per share)	1.48	0.74	3.24	1.02
Losses from discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.01)
Net earnings (in dollars per share)	$ 1.48	$ 0.73	$ 3.23	$ 1.01
Average number of common shares outstanding:
Basic (in shares)	129.2	130.3	129.8	130.1
Diluted (in shares)	130.5	131.5	131.1	131.2
Food and beverage
Costs and expenses:
Food and beverage costs and restaurant expenses	$ 694.1	$ 475.1	$ 1,379.5	$ 909.6
Restaurant expenses
Costs and expenses:
Food and beverage costs and restaurant expenses	$ 385	$ 330.5	$ 763.1	$ 621.4

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Income Statement [Abstract]
Tax expense (benefit) of discontinued operations	$ 0	$ 0.7	$ 0.5	$ 1.6

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 193.2	$ 96	$ 424.1	$ 132.1
Foreign currency adjustment	(0.1)	0	(0.5)	0.2
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $0.0, $(0.1), $0.0 and $0.3, respectively	(5.3)	5	(3.5)	9.5
Net unamortized gain (loss) arising during the period, including amortization of unrecognized net actuarial gain (loss), net of taxes of $0.1, $0.2, $0.2 and $0.3, respectively, related to pension and other post-employment benefits	0.2	0.4	0.4	0.8
Other comprehensive income (loss)	(5.2)	5.4	(3.6)	10.5
Total comprehensive income	$ 188	$ 101.4	$ 420.5	$ 142.6

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Statement of Comprehensive Income [Abstract]
Change in fair value of derivatives and amortization of unrecognized gain (loss) on derivatives, tax	$ 0	$ (0.1)	$ 0	$ 0.3
Amortization of unrecognized net actuarial (loss) gain, tax	$ 0.1	$ 0.2	$ 0.2	$ 0.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 28, 2021	May 30, 2021
Current assets:
Cash and cash equivalents	$ 746.3	$ 1,214.7
Receivables, net	69.1	68.2
Inventories	230.2	190.8
Prepaid income taxes	337.6	337.2
Prepaid expenses and other current assets	131	60.2
Total current assets	1,514.2	1,871.1
Land, buildings and equipment, net of accumulated depreciation and amortization of $2,982.0 and $2,843.8, respectively	3,140.8	2,869.2
Operating lease right-of-use assets	3,599.7	3,776.4
Goodwill	1,037.4	1,037.4
Trademarks	806.3	806.3
Other assets	304.9	295.7
Total assets	10,403.3	10,656.1
Current liabilities:
Accounts payable	355.4	304.5
Accrued payroll	160.7	177.4
Accrued income taxes	34.1	35.9
Other accrued taxes	63.9	60.5
Unearned revenues	457.5	474.2
Other current liabilities	709.1	795.8
Total current liabilities	1,780.7	1,848.3
Long-term debt	929	929.8
Deferred income taxes	229.3	221.6
Operating lease liabilities - non-current	3,904.4	4,088.5
Other liabilities	1,016.9	754.8
Total liabilities	7,860.3	7,843
Stockholders’ equity:
Common stock and surplus	2,280.6	2,286.6
Retained earnings	261.8	522.3
Accumulated other comprehensive income (loss)	0.6	4.2
Total stockholders’ equity	2,543	2,813.1
Total liabilities and stockholders’ equity	$ 10,403.3	$ 10,656.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 28, 2021	May 30, 2021
Statement of Financial Position [Abstract]
Land, buildings and equipment, net of accumulated depreciation and amortization	$ 2,982	$ 2,843.8

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock And Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at May. 31, 2020		129.9
Beginning balance at May. 31, 2020	$ 2,331.2	$ 2,205.3	$ 143.5	$ (17.6)
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 (in shares)		0.1
Stock option exercises	5.6	$ 5.6
Stock-based compensation	23	$ 23
Repurchases of common stock (in shares)		(0.1)
Repurchases of common stock	(6.8)	$ (1.5)	(5.3)
Issuance of stock under Employee Stock Purchase Plan and other plans (in shares)		0.4
Issuance of stock under Employee Stock Purchase Plan and other plans	4.8	$ 4.8
Other	(5.8)	$ 1.8	(7.6)
Ending balance (in shares) at Nov. 29, 2020		130.3
Ending balance at Nov. 29, 2020	2,455.1	$ 2,239	223.2	(7.1)
Beginning balance (in shares) at Aug. 30, 2020		130.2
Beginning balance at Aug. 30, 2020	2,375	$ 2,220.9	166.6	(12.5)
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 (in shares)		0.1
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 (in shares) at Nov. 29, 2020		130.3
Ending balance at Nov. 29, 2020	2,455.1	$ 2,239	223.2	(7.1)
Beginning balance (in shares) at May. 30, 2021		130.8
Beginning balance at May. 30, 2021	2,813.1	$ 2,286.6	522.3	4.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	424.1		424.1
Other comprehensive income (loss)	(3.6)			(3.6)
Dividends declared	(287.2)		(287.2)
Stock option exercises (in shares)		0.4
Stock option exercises	20.6	$ 20.6
Stock-based compensation	21.9	$ 21.9
Repurchases of common stock (in shares)		(3.1)
Repurchases of common stock	(452.3)	$ (54.9)	(397.4)
Issuance of stock under Employee Stock Purchase Plan and other plans (in shares)		0.2
Issuance of stock under Employee Stock Purchase Plan and other plans	5.1	$ 5.1
Other	1.3	$ 1.3
Ending balance (in shares) at Nov. 28, 2021		128.3
Ending balance at Nov. 28, 2021	2,543	$ 2,280.6	261.8	0.6
Beginning balance (in shares) at Aug. 29, 2021		130
Beginning balance at Aug. 29, 2021	2,752.4	$ 2,300.7	445.9	5.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	193.2		193.2
Other comprehensive income (loss)	(5.2)			(5.2)
Dividends declared	(143.1)		(143.1)
Stock option exercises (in shares)		0.1
Stock option exercises	3.6	$ 3.6
Stock-based compensation	5.6	$ 5.6
Repurchases of common stock (in shares)		(1.8)
Repurchases of common stock	(266)	$ (31.8)	(234.2)
Issuance of stock under Employee Stock Purchase Plan and other plans	2.5	$ 2.5
Ending balance (in shares) at Nov. 28, 2021		128.3
Ending balance at Nov. 28, 2021	$ 2,543	$ 2,280.6	$ 261.8	$ 0.6

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.10	$ 0.30	$ 2.20	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020
Cash flows—operating activities
Net earnings	$ 424.1	$ 132.1
Losses from discontinued operations, net of tax	1	2.1
Adjustments to reconcile net earnings from continuing operations to cash flows:
Depreciation and amortization	181.1	173.6
Stock-based compensation expense	38.1	41.4
Change in current assets and liabilities	(156.2)	(6.9)
Contributions to pension and postretirement plans	(1.1)	(0.7)
Deferred income taxes	7.5	(8)
Change in other assets and liabilities	(9.4)	118.4
Other, net	(3.6)	(23.4)
Net cash provided by operating activities of continuing operations	481.5	428.6
Cash flows—investing activities
Purchases of land, buildings and equipment	(173.3)	(108.2)
Proceeds from disposal of land, buildings and equipment	6	5.4
Purchases of capitalized software and other assets	(11.8)	(6.6)
Other, net	1.3	(0.3)
Net cash used in investing activities of continuing operations	(177.8)	(109.7)
Cash flows—financing activities
Proceeds from issuance of common stock	25.7	10.4
Dividends paid	(286.1)	(39.1)
Repurchases of common stock	(452.3)	(6.8)
Repayments of short-term debt	0	(270)
Principal payments on finance leases	(5.6)	(2.9)
Payments of debt issuance costs	(2.7)	0
Net cash used in financing activities of continuing operations	(721)	(308.4)
Cash flows—discontinued operations
Net cash provided by operating activities of discontinued operations	0.4	3.5
Net cash provided by discontinued operations	0.4	3.5
(Decrease) increase in cash, cash equivalents, and restricted cash	(416.9)	14
Cash, cash equivalents, and restricted cash - beginning of period	1,214.7	763.3
Cash, cash equivalents, and restricted cash - end of period	797.8	777.3
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	746.3	777.3
Restricted cash included in prepaid expenses and other current assets	51.5	0
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	797.8	777.3
Cash flows from changes in current assets and liabilities
Receivables, net	(0.9)	3.6
Inventories	(39.4)	3.9
Prepaid expenses and other current assets	(16.8)	1.3
Accounts payable	36.8	(24.8)
Accrued payroll	(16.7)	(20.1)
Prepaid/accrued income taxes	(2.3)	(3.5)
Other accrued taxes	3.4	4.2
Unearned revenues	(16.7)	(28.1)
Other current liabilities	(103.6)	56.6
Change in current assets and liabilities	$ (156.2)	$ (6.9)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 28, 2021
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 ® , Eddie V’s Prime Seafood ® and The Capital Burger ® . As of November 28, 2021, through subsidiaries, we own and operate all of our restaurants in the United States and Canada, except for 2 joint venture restaurants managed by us and 34 franchised restaurants. We also have 25 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 29, 2022 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 30, 2021. 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 For much of fiscal 2021, the COVID-19 pandemic 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 required personal protective equipment 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. Once COVID-19 vaccines were approved and moved into wider distribution in the United States in early 2021, public health conditions improved and almost all of the COVID-19 restrictions on businesses have eased. As of the date of this report, all of our restaurants were able to open their dining rooms and few capacity restrictions remained in place in the United States. Following increases in the numbers of cases of COVID-19 throughout the United States during fiscal 2022, some of our restaurants are subject to other COVID-19-related restrictions such as mask requirements or vaccine requirements for team members, guests or both. For the health and safety of our guests and team members, we continue to evaluate and implement our own COVID-19 protocols for our restaurant teams, including mask wearing, contact tracing, and exclusion or quarantine of team members who are exposed or are ill. Exclusions and quarantines of restaurant team members or groups thereof disrupt an individual restaurant’s operations and often come with little or no notice to the local restaurant management. We continue to monitor the progression of the COVID-19 pandemic and state, local and federal government regulatory and public health responses thereto, including the federal Occupational Health and Safety Administration’s attempt to implement a nationwide vaccine requirement for large employers. Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We elected to adopt this guidance during the quarter ended August 29, 2021; adoption did not have a material impact on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Nov. 28, 2021
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 28, 2021 May 30, 2021 Unearned revenues Deferred gift card revenue $ 476.9 $ 494.3 Deferred gift card discounts (20.2) (20.5) Other 0.8 0.4 Total $ 457.5 $ 474.2 Other liabilities Deferred franchise fees - non-current $ 2.6 $ 2.2 The following table presents a rollforward of deferred gift card revenue. Three Months Ended Six Months Ended (in millions) November 28, 2021 November 29, 2020 November 28, 2021 November 29, 2020 Beginning balance $ 465.0 $ 475.6 $ 494.3 $ 494.6 Activations 127.7 94.7 234.3 170.4 Redemptions and breakage (115.8) (101.0) (251.7) (195.7) Ending balance $ 476.9 $ 469.3 $ 476.9 $ 469.3

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Nov. 28, 2021
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 28, 2021 May 30, 2021 Operating lease right-of-use assets Operating lease right-of-use assets $ 3,599.7 $ 3,776.4 Finance lease right-of-use assets Land, buildings and equipment, net 655.7 405.6 Total lease assets, net $ 4,255.4 $ 4,182.0 Operating lease liabilities - current Other current liabilities $ 177.9 $ 176.8 Finance lease liabilities - current Other current liabilities 10.7 7.3 Operating lease liabilities - non-current Operating lease liabilities - non-current 3,904.4 4,088.5 Finance lease liabilities - non-current Other liabilities 818.3 555.3 Total lease liabilities $ 4,911.3 $ 4,827.9 Supplemental Cash Flow Information Cash paid for interest and income taxes are as follows: Six Months Ended (in millions) November 28, 2021 November 29, 2020 Interest, net of amounts capitalized $ 30.3 $ 31.4 Income taxes, net of refunds 58.0 12.6 Non-cash investing and financing activities are as follows: Six Months Ended (in millions) November 28, 2021 November 29, 2020 Increase in land, buildings and equipment through accrued purchases $ 43.2 $ 33.9 Right-of-use assets obtained in exchange for new operating lease liabilities 3.6 20.1 Right-of-use assets obtained in exchange for new finance lease liabilities 92.9 18.4 Net change in right-of-use assets due to lease modifications resulting in reclassification of leases from operating to finance 108.3 71.3

Income Taxes

Income Taxes	6 Months Ended
	Nov. 28, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for continuing operations for the quarter ended November 28, 2021 was 14.4 percent, reflecting income tax expense of $32.5 million compared to an effective income tax rate for the quarter ended November 29, 2020 of 8.3 percent, reflecting income tax expense of $8.8 million. The effective income tax rate for continuing operations for the six months ended November 28, 2021 was 13.4 percent, reflecting income tax expense $65.8 million compared to an effective income tax rate of 2.9 percent for the six months ended November 29, 2020, reflecting income tax expense $4.0 million. The change was primarily driven by higher net earnings from continuing operations in the quarter and six months ended November 28, 2021 compared to the quarter and six months ended November 29, 2020 and the impact of certain tax credits on earnings before income taxes for the six months ended November 29, 2020. Included in our remaining balance of unrecognized tax benefits is $34.1 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. 28, 2021
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 28, November 29, November 28, November 29, Anti-dilutive stock-based compensation awards 0.2 0.7 0.1 1.1

Segment Information

Segment Information	6 Months Ended
	Nov. 28, 2021
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, Eddie V’s and The Capital Burger 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, Bahama Breeze and The Capital Burger 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. In the first quarter of fiscal 2022, we changed our internal management reporting to include The Capital Burger in the Other Business segment. Previously, The Capital Burger was included in the Fine Dining segment due to its adjacency with The Capital Grille brand and overall immateriality. Fiscal 2021 figures have been restated for comparability. 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 28, 2021 Sales $ 1,077.2 $ 547.2 $ 188.7 $ 459.1 $ — $ 2,272.2 Restaurant and marketing expenses 842.1 463.6 149.0 396.8 (5.7) 1,845.8 Segment profit $ 235.1 $ 83.6 $ 39.7 $ 62.3 $ 5.7 $ 426.4 Depreciation and amortization $ 35.9 $ 16.3 $ 8.5 $ 24.5 $ 6.9 $ 92.1 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the six months ended November 28, 2021 Sales $ 2,167.6 $ 1,114.3 $ 357.5 $ 938.8 $ — $ 4,578.2 Restaurant and marketing expenses 1,679.2 923.2 284.3 791.7 (9.2) 3,669.2 Segment profit $ 488.4 $ 191.1 $ 73.2 $ 147.1 $ 9.2 $ 909.0 Depreciation and amortization $ 71.3 $ 32.3 $ 16.7 $ 48.6 $ 12.2 $ 181.1 Purchases of land, buildings and equipment 70.6 43.1 20.7 38.2 0.7 173.3 (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 $ 107.3 $ 312.3 $ — $ 1,656.5 Restaurant and marketing expenses 654.4 341.1 86.9 273.1 4.4 1,359.9 Segment profit $ 175.1 $ 66.3 $ 20.4 $ 39.2 $ (4.4) $ 296.6 Depreciation and amortization $ 34.5 $ 16.5 $ 7.7 $ 24.1 $ 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 $ 190.0 $ 592.1 $ — $ 3,183.9 Restaurant and marketing expenses 1,268.8 660.8 159.5 517.4 8.3 2,614.8 Segment profit $ 348.9 $ 123.3 $ 30.5 $ 74.7 $ (8.3) $ 569.1 Depreciation and amortization $ 70.4 $ 33.4 $ 15.3 $ 48.3 $ 6.2 $ 173.6 Purchases of land, buildings and equipment 34.6 17.4 23.2 32.0 1.0 108.2 Reconciliation of segment profit to earnings from continuing operations before income taxes: Three Months Ended Six Months Ended (in millions) November 28, 2021 November 29, 2020 November 28, 2021 November 29, 2020 Segment profit $ 426.4 $ 296.6 $ 909.0 $ 569.1 Less general and administrative expenses (91.4) (89.9) (204.2) (218.2) Less depreciation and amortization (92.1) (86.0) (181.1) (173.6) Less interest, net (16.7) (14.6) (32.3) (31.2) Less other (income) expense, net (0.3) (0.4) (0.5) (7.9) Earnings before income taxes $ 225.9 $ 105.7 $ 490.9 $ 138.2

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Nov. 28, 2021
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 ended November 28, 2021 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 29, 2021 $ 4.8 $ 9.7 $ (8.7) $ 5.8 Gain (loss) (0.1) (5.3) — (5.4) Reclassification realized in net earnings — — 0.2 0.2 Balance at November 28, 2021 $ 4.7 $ 4.4 $ (8.5) $ 0.6 Balance at May 30, 2021 $ 5.2 $ 7.9 $ (8.9) $ 4.2 Gain (loss) (0.5) (2.7) — (3.2) Reclassification realized in net earnings — (0.8) 0.4 (0.4) Balance at November 28, 2021 $ 4.7 $ 4.4 $ (8.5) $ 0.6 The components of accumulated other comprehensive income (loss), net of tax, for the quarter 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 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 28, November 29, November 28, November 29, Derivatives Commodity contracts (1) $ — $ (0.4) $ — $ (0.9) Equity contracts (2) 0.1 (0.1) 0.9 0.3 Interest rate contracts (3) (0.1) (0.1) (0.1) (0.1) Total before tax $ — $ (0.6) $ 0.8 $ (0.7) Tax (expense) benefit — 0.2 — 0.2 Net of tax $ — $ (0.4) $ 0.8 $ (0.5) Benefit plan funding position Recognized net actuarial loss - pension/postretirement plans (4) $ (0.2) $ (0.1) $ (0.3) $ (0.1) Recognized net actuarial gain (loss) - other plans (4) (0.1) (0.5) (0.3) (1.0) Total before tax $ (0.3) $ (0.6) $ (0.6) $ (1.1) Tax (expense) benefit 0.1 0.2 0.2 0.3 Net of tax $ (0.2) $ (0.4) $ (0.4) $ (0.8) (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) Including in interest, net on our consolidated statement of earnings. (4) Included in the computation of net periodic benefit costs, which is a component of other (income) expense, net, restaurant labor expenses and general and administrative expenses.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 28, 2021
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 28, 2021 November 29, 2020 Weighted-average fair value $ 41.02 $ 20.07 Dividend yield 3.2 % 3.0 % Expected volatility of stock 39.6 % 37.3 % Risk-free interest rate 0.9 % 0.4 % Expected option life (in years) 6.3 6.4 Weighted-average exercise price per share $ 148.20 $ 78.84 The weighted-average grant date fair value of market-based performance 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 28, 2021 November 29, 2020 Dividend yield (1) 0.0 % 0.0 % Expected volatility of stock 53.4 % 50.5 % Risk-free interest rate 0.4 % 0.1 % Expected life (in years) 2.8 2.8 Weighted-average grant date fair value per unit $ 172.34 $ 83.46 (1) Assumes a reinvestment of dividends. The following table presents a summary of our stock-based compensation activity for the six months ended November 28, 2021. (in millions) Stock Restricted Equity-Settled Cash-Settled Darden Outstanding beginning of period 2.15 0.26 0.48 0.80 Awards granted 0.15 0.05 0.09 0.31 Awards exercised/vested (0.36) (0.06) (0.15) (0.22) Awards forfeited — — — (0.04) Outstanding end of period 1.94 0.25 0.42 0.85 We recognized expense from stock-based compensation as follows: Three Months Ended Six Months Ended (in millions) November 28, November 29, November 28, November 29, Stock options $ 1.1 $ 2.8 $ 4.5 $ 4.5 Restricted stock/restricted stock units 1.2 3.0 5.0 5.8 Equity-settled performance stock units 2.3 5.1 10.5 10.7 Cash-settled Darden stock units 4.9 10.4 16.2 18.4 Employee stock purchase plan 0.6 0.6 1.3 1.3 Director compensation program/other 0.4 0.3 0.6 0.7 Total stock-based compensation expense $ 10.5 $ 22.2 $ 38.1 $ 41.4

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Nov. 28, 2021
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. Cash flows related to derivatives are included in operating activities. 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 28, 2021, 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 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 December 2021. During the fourth quarter of fiscal 2021, we entered into interest-rate swap agreements with $300.0 million of notional value to limit the risk of change in fair value through fiscal 2031, of the $300.0 million 4.550 percent senior notes due February 2048. The swap agreements effectively swap the fixed-rate obligations for floating-rate obligations over the term of the agreements, thereby mitigating changes in fair value of the related debt. The swap agreements were designated as fair value hedges of the related debt and met the requirements to be accounted for under the short-cut method, resulting in no ineffectiveness in the hedging relationship. During the quarter and six months ended November 28, 2021, $1.2 million and $2.5 million, respectively, was recorded as a reduction to interest expense related to net swap settlements. We enter into equity forward contracts to hedge the risk of changes in future cash flows associated with the unvested, unrecognized cash-settled 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 2026. 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 28, 2021 November 28, May 30, November 28, May 30, Equity forwards: Designated 0.3 $125.95 $ 42.2 $ — $ 0.9 $ 2.4 $ — Not designated 0.4 119.46 45.5 — 2.0 2.7 — Total equity forwards $ — $ 2.9 $ 5.1 $ — Commodity contracts: Designated N/A N/A $ 0.4 $ — $ 0.1 $ — $ — Not designated N/A N/A — — — — — Total commodity contracts $ — $ 0.1 $ — $ — Interest rate related Designated N/A N/A $ 300.0 $ 1.0 $ — $ — $ 0.2 Not designated N/A N/A — — — — Total interest rate related $ 1.0 $ — $ — $ 0.2 Total derivative contracts $ 1.0 $ 3.0 $ 5.1 $ 0.2 (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 28, November 29, November 28, November 29, Equity (1) $ (5.4) $ 5.0 $ 0.1 $ (0.1) Commodity (2) 0.1 (0.5) — (0.4) Interest rate (3) — — (0.1) (0.1) Total $ (5.3) $ 4.5 $ — $ (0.6) 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 28, November 29, November 28, November 29, Equity (1) $ (2.7) $ 8.7 $ 0.9 $ 0.3 Commodity (2) — 0.4 — (0.9) Interest rate (3) — — (0.1) (0.1) Total $ (2.7) $ 9.1 $ 0.8 $ (0.7) (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 gain (loss) reclassified from AOCI to earnings is interest, net. The effects of derivative instruments in fair value hedging relationships in the consolidated statement of earnings are as follows: Amount of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item Three Months Ended Three Months Ended (in millions) November 28, November 29, November 28, November 29, Interest rate (1)(2) $ (5.5) $ — $ 5.5 $ — Total $ (5.5) $ — $ 5.5 $ — Amount of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item Six Months Ended Six Months Ended (in millions) November 28, November 29, November 28, November 29, Interest rate (1)(2) $ 1.2 $ — $ (1.2) $ — Total $ 1.2 $ — $ (1.2) $ — (1) Location of the gain (loss) recognized in earnings on derivatives and related hedged item is interest, net. (2) Hedged item in fair value hedge relationship is debt. 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 28, 2021 November 29, 2020 November 28, 2021 November 29, 2020 Food and beverage costs and restaurant expenses $ — $ — $ 0.1 $ 0.1 General and administrative expenses (3.5) 10.6 1.6 15.1 Total $ (3.5) $ 10.6 $ 1.7 $ 15.2

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Nov. 28, 2021
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 28, 2021 and May 30, 2021 . Items Measured at Fair Value at November 28, 2021 (in millions) Fair value Quoted prices Significant Significant Derivatives: Equity forwards (2) $ (5.1) $ — $ (5.1) $ — Interest rate swaps (3) 1.0 — 1.0 — Total $ (4.1) $ — $ (4.1) $ — Items Measured at Fair Value at May 30, 2021 (in millions) Fair value Quoted prices Significant Significant Derivatives: Commodities futures, swaps & options (1) $ 0.1 $ — $ 0.1 $ — Equity forwards (2) 2.9 — 2.9 — Interest rate swaps (3) (0.2) — (0.2) — Total $ 2.8 $ — $ 2.8 $ — (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. (3) The fair value of our interest rate swap agreements is based on current and expected market interest rates, inclusive of risk of nonperformance. The carrying value and fair value of long-term debt as of November 28, 2021, was $929.0 million and $1.07 billion, respectively. The carrying value and fair value of long-term debt as of May 30, 2021, was $929.8 million and $1.06 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 28, 2021 and May 30, 2021, 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Nov. 28, 2021
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 28, 2021 and May 30, 2021, we had $104.8 million and $70.5 million, respectively, of standby letters of credit related to workers’ compensation and general liabilities accrued in our consolidated financial statements. As of November 28, 2021 and May 30, 2021, we had $18.9 million and $28.9 million, respectively, of surety bonds related to other payments. Most surety bonds are renewable annually. As of November 28, 2021 and May 30, 2021, we had $107.8 million and $121.5 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 28, 2021 and May 30, 2021, amounted to $86.2 million and $99.7 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 2022 through fiscal 2034. We are subject to private lawsuits, administrative proceedings and claims that arise in the ordinary course of our business. A number of these lawsuits, proceedings and claims may exist at any given time. These matters typically involve claims from guests, employees and others related to operational issues common to the restaurant industry, and can also involve

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 28, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On December 15, 2021, the Board of Directors declared a cash dividend of $1.10 per share to be paid February 1, 2022 to all shareholders of record as of the close of business on January 10, 2022.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 28, 2021
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 29, 2022 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 30, 2021. 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.
COVID-19 Pandemic	COVID-19 Pandemic For much of fiscal 2021, the COVID-19 pandemic 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 required personal protective equipment 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. Once COVID-19 vaccines were approved and moved into wider distribution in the United States in early 2021, public health conditions improved and almost all of the COVID-19 restrictions on businesses have eased. As of the date of this report, all of our restaurants were able to open their dining rooms and few capacity restrictions remained in place in the United States. Following increases in the numbers of cases of COVID-19 throughout the United States during fiscal 2022, some of our restaurants are subject to other COVID-19-related restrictions such as mask requirements or vaccine requirements for team members, guests or both. For the health and safety of our guests and team members, we continue to evaluate and implement our own COVID-19 protocols for our restaurant teams, including mask wearing, contact tracing, and exclusion or quarantine of team members who are exposed or are ill. Exclusions and quarantines of restaurant team members or groups thereof disrupt an individual restaurant’s operations and often come with little or no notice to the local restaurant management. We continue to monitor the progression of the COVID-19 pandemic and state, local and federal government regulatory and public health responses thereto, including the federal Occupational Health and Safety Administration’s attempt to implement a nationwide vaccine requirement for large employers.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We elected to adopt this guidance during the quarter ended August 29, 2021; adoption did not have a material impact on our consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Nov. 28, 2021
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 28, 2021 May 30, 2021 Unearned revenues Deferred gift card revenue $ 476.9 $ 494.3 Deferred gift card discounts (20.2) (20.5) Other 0.8 0.4 Total $ 457.5 $ 474.2 Other liabilities Deferred franchise fees - non-current $ 2.6 $ 2.2 The following table presents a rollforward of deferred gift card revenue. Three Months Ended Six Months Ended (in millions) November 28, 2021 November 29, 2020 November 28, 2021 November 29, 2020 Beginning balance $ 465.0 $ 475.6 $ 494.3 $ 494.6 Activations 127.7 94.7 234.3 170.4 Redemptions and breakage (115.8) (101.0) (251.7) (195.7) Ending balance $ 476.9 $ 469.3 $ 476.9 $ 469.3

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Nov. 28, 2021
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 28, 2021 May 30, 2021 Operating lease right-of-use assets Operating lease right-of-use assets $ 3,599.7 $ 3,776.4 Finance lease right-of-use assets Land, buildings and equipment, net 655.7 405.6 Total lease assets, net $ 4,255.4 $ 4,182.0 Operating lease liabilities - current Other current liabilities $ 177.9 $ 176.8 Finance lease liabilities - current Other current liabilities 10.7 7.3 Operating lease liabilities - non-current Operating lease liabilities - non-current 3,904.4 4,088.5 Finance lease liabilities - non-current Other liabilities 818.3 555.3 Total lease liabilities $ 4,911.3 $ 4,827.9
Schedule of Cash Flow, Supplemental Disclosures	Cash paid for interest and income taxes are as follows: Six Months Ended (in millions) November 28, 2021 November 29, 2020 Interest, net of amounts capitalized $ 30.3 $ 31.4 Income taxes, net of refunds 58.0 12.6 Non-cash investing and financing activities are as follows: Six Months Ended (in millions) November 28, 2021 November 29, 2020 Increase in land, buildings and equipment through accrued purchases $ 43.2 $ 33.9 Right-of-use assets obtained in exchange for new operating lease liabilities 3.6 20.1 Right-of-use assets obtained in exchange for new finance lease liabilities 92.9 18.4 Net change in right-of-use assets due to lease modifications resulting in reclassification of leases from operating to finance 108.3 71.3

Net Earnings per Share (Tables)

Net Earnings per Share (Tables)	6 Months Ended
	Nov. 28, 2021
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 28, November 29, November 28, November 29, Anti-dilutive stock-based compensation awards 0.2 0.7 0.1 1.1

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Nov. 28, 2021
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 28, 2021 Sales $ 1,077.2 $ 547.2 $ 188.7 $ 459.1 $ — $ 2,272.2 Restaurant and marketing expenses 842.1 463.6 149.0 396.8 (5.7) 1,845.8 Segment profit $ 235.1 $ 83.6 $ 39.7 $ 62.3 $ 5.7 $ 426.4 Depreciation and amortization $ 35.9 $ 16.3 $ 8.5 $ 24.5 $ 6.9 $ 92.1 (in millions) Olive Garden LongHorn Steakhouse Fine Dining Other Business Corporate Consolidated For the six months ended November 28, 2021 Sales $ 2,167.6 $ 1,114.3 $ 357.5 $ 938.8 $ — $ 4,578.2 Restaurant and marketing expenses 1,679.2 923.2 284.3 791.7 (9.2) 3,669.2 Segment profit $ 488.4 $ 191.1 $ 73.2 $ 147.1 $ 9.2 $ 909.0 Depreciation and amortization $ 71.3 $ 32.3 $ 16.7 $ 48.6 $ 12.2 $ 181.1 Purchases of land, buildings and equipment 70.6 43.1 20.7 38.2 0.7 173.3 (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 $ 107.3 $ 312.3 $ — $ 1,656.5 Restaurant and marketing expenses 654.4 341.1 86.9 273.1 4.4 1,359.9 Segment profit $ 175.1 $ 66.3 $ 20.4 $ 39.2 $ (4.4) $ 296.6 Depreciation and amortization $ 34.5 $ 16.5 $ 7.7 $ 24.1 $ 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 $ 190.0 $ 592.1 $ — $ 3,183.9 Restaurant and marketing expenses 1,268.8 660.8 159.5 517.4 8.3 2,614.8 Segment profit $ 348.9 $ 123.3 $ 30.5 $ 74.7 $ (8.3) $ 569.1 Depreciation and amortization $ 70.4 $ 33.4 $ 15.3 $ 48.3 $ 6.2 $ 173.6 Purchases of land, buildings and equipment 34.6 17.4 23.2 32.0 1.0 108.2
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 28, 2021 November 29, 2020 November 28, 2021 November 29, 2020 Segment profit $ 426.4 $ 296.6 $ 909.0 $ 569.1 Less general and administrative expenses (91.4) (89.9) (204.2) (218.2) Less depreciation and amortization (92.1) (86.0) (181.1) (173.6) Less interest, net (16.7) (14.6) (32.3) (31.2) Less other (income) expense, net (0.3) (0.4) (0.5) (7.9) Earnings before income taxes $ 225.9 $ 105.7 $ 490.9 $ 138.2

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Nov. 28, 2021
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 ended November 28, 2021 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 29, 2021 $ 4.8 $ 9.7 $ (8.7) $ 5.8 Gain (loss) (0.1) (5.3) — (5.4) Reclassification realized in net earnings — — 0.2 0.2 Balance at November 28, 2021 $ 4.7 $ 4.4 $ (8.5) $ 0.6 Balance at May 30, 2021 $ 5.2 $ 7.9 $ (8.9) $ 4.2 Gain (loss) (0.5) (2.7) — (3.2) Reclassification realized in net earnings — (0.8) 0.4 (0.4) Balance at November 28, 2021 $ 4.7 $ 4.4 $ (8.5) $ 0.6 The components of accumulated other comprehensive income (loss), net of tax, for the quarter 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)
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 28, November 29, November 28, November 29, Derivatives Commodity contracts (1) $ — $ (0.4) $ — $ (0.9) Equity contracts (2) 0.1 (0.1) 0.9 0.3 Interest rate contracts (3) (0.1) (0.1) (0.1) (0.1) Total before tax $ — $ (0.6) $ 0.8 $ (0.7) Tax (expense) benefit — 0.2 — 0.2 Net of tax $ — $ (0.4) $ 0.8 $ (0.5) Benefit plan funding position Recognized net actuarial loss - pension/postretirement plans (4) $ (0.2) $ (0.1) $ (0.3) $ (0.1) Recognized net actuarial gain (loss) - other plans (4) (0.1) (0.5) (0.3) (1.0) Total before tax $ (0.3) $ (0.6) $ (0.6) $ (1.1) Tax (expense) benefit 0.1 0.2 0.2 0.3 Net of tax $ (0.2) $ (0.4) $ (0.4) $ (0.8) (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) Including in interest, net on our consolidated statement of earnings. (4) Included in the computation of net periodic benefit costs, which is a component of other (income) expense, net, restaurant labor expenses and general and administrative expenses.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 28, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
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 28, 2021 November 29, 2020 Weighted-average fair value $ 41.02 $ 20.07 Dividend yield 3.2 % 3.0 % Expected volatility of stock 39.6 % 37.3 % Risk-free interest rate 0.9 % 0.4 % Expected option life (in years) 6.3 6.4 Weighted-average exercise price per share $ 148.20 $ 78.84 The weighted-average grant date fair value of market-based performance 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 28, 2021 November 29, 2020 Dividend yield (1) 0.0 % 0.0 % Expected volatility of stock 53.4 % 50.5 % Risk-free interest rate 0.4 % 0.1 % Expected life (in years) 2.8 2.8 Weighted-average grant date fair value per unit $ 172.34 $ 83.46 (1) Assumes a reinvestment of dividends.
Schedule of Nonvested Share Activity	The following table presents a summary of our stock-based compensation activity for the six months ended November 28, 2021. (in millions) Stock Restricted Equity-Settled Cash-Settled Darden Outstanding beginning of period 2.15 0.26 0.48 0.80 Awards granted 0.15 0.05 0.09 0.31 Awards exercised/vested (0.36) (0.06) (0.15) (0.22) Awards forfeited — — — (0.04) Outstanding end of period 1.94 0.25 0.42 0.85
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 28, November 29, November 28, November 29, Stock options $ 1.1 $ 2.8 $ 4.5 $ 4.5 Restricted stock/restricted stock units 1.2 3.0 5.0 5.8 Equity-settled performance stock units 2.3 5.1 10.5 10.7 Cash-settled Darden stock units 4.9 10.4 16.2 18.4 Employee stock purchase plan 0.6 0.6 1.3 1.3 Director compensation program/other 0.4 0.3 0.6 0.7 Total stock-based compensation expense $ 10.5 $ 22.2 $ 38.1 $ 41.4

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Nov. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional and Fair Values of Derivative Contracts	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 28, 2021 November 28, May 30, November 28, May 30, Equity forwards: Designated 0.3 $125.95 $ 42.2 $ — $ 0.9 $ 2.4 $ — Not designated 0.4 119.46 45.5 — 2.0 2.7 — Total equity forwards $ — $ 2.9 $ 5.1 $ — Commodity contracts: Designated N/A N/A $ 0.4 $ — $ 0.1 $ — $ — Not designated N/A N/A — — — — — Total commodity contracts $ — $ 0.1 $ — $ — Interest rate related Designated N/A N/A $ 300.0 $ 1.0 $ — $ — $ 0.2 Not designated N/A N/A — — — — Total interest rate related $ 1.0 $ — $ — $ 0.2 Total derivative contracts $ 1.0 $ 3.0 $ 5.1 $ 0.2 (1) Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.
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 28, November 29, November 28, November 29, Equity (1) $ (5.4) $ 5.0 $ 0.1 $ (0.1) Commodity (2) 0.1 (0.5) — (0.4) Interest rate (3) — — (0.1) (0.1) Total $ (5.3) $ 4.5 $ — $ (0.6) 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 28, November 29, November 28, November 29, Equity (1) $ (2.7) $ 8.7 $ 0.9 $ 0.3 Commodity (2) — 0.4 — (0.9) Interest rate (3) — — (0.1) (0.1) Total $ (2.7) $ 9.1 $ 0.8 $ (0.7) (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 gain (loss) reclassified from AOCI to earnings is interest, net. Amount of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item Three Months Ended Three Months Ended (in millions) November 28, November 29, November 28, November 29, Interest rate (1)(2) $ (5.5) $ — $ 5.5 $ — Total $ (5.5) $ — $ 5.5 $ — Amount of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item Six Months Ended Six Months Ended (in millions) November 28, November 29, November 28, November 29, Interest rate (1)(2) $ 1.2 $ — $ (1.2) $ — Total $ 1.2 $ — $ (1.2) $ — (1) Location of the gain (loss) recognized in earnings on derivatives and related hedged item is interest, net. (2) Hedged item in fair value hedge relationship is debt. 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 28, 2021 November 29, 2020 November 28, 2021 November 29, 2020 Food and beverage costs and restaurant expenses $ — $ — $ 0.1 $ 0.1 General and administrative expenses (3.5) 10.6 1.6 15.1 Total $ (3.5) $ 10.6 $ 1.7 $ 15.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Nov. 28, 2021
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 28, 2021 and May 30, 2021 . Items Measured at Fair Value at November 28, 2021 (in millions) Fair value Quoted prices Significant Significant Derivatives: Equity forwards (2) $ (5.1) $ — $ (5.1) $ — Interest rate swaps (3) 1.0 — 1.0 — Total $ (4.1) $ — $ (4.1) $ — Items Measured at Fair Value at May 30, 2021 (in millions) Fair value Quoted prices Significant Significant Derivatives: Commodities futures, swaps & options (1) $ 0.1 $ — $ 0.1 $ — Equity forwards (2) 2.9 — 2.9 — Interest rate swaps (3) (0.2) — (0.2) — Total $ 2.8 $ — $ 2.8 $ — (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. (3) The fair value of our interest rate swap agreements is based on current and expected market interest rates, inclusive of risk of nonperformance.

Basis of Presentation (Details)

Basis of Presentation (Details)	Nov. 28, 2021restaurant
Entity Operated Units | North America
Summary Of Significant Accounting Policies [Line Items]
Number of restaurants	2
Franchised Units | North America
Summary Of Significant Accounting Policies [Line Items]
Number of restaurants	34
Franchised Units | Latin America
Summary Of Significant Accounting Policies [Line Items]
Number of restaurants	25

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue from Contract with Customer (Details) - USD ($) $ in Millions	Nov. 28, 2021	Aug. 29, 2021	May 30, 2021	Nov. 29, 2020	Aug. 30, 2020	May 31, 2020
Unearned revenues
Unearned revenues	$ 457.5		$ 474.2
Other liabilities
Deferred franchise fees - non-current	2.6		2.2
Gift Card
Unearned revenues
Unearned revenues	476.9	$ 465	494.3	$ 469.3	$ 475.6	$ 494.6
Unearned revenues - discounts	(20.2)		(20.5)
Other
Unearned revenues
Unearned revenues	$ 0.8		$ 0.4

Revenue Recognition - Deferre_2

Revenue Recognition - Deferred Gift Card Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance			$ 474.2
Ending balance	$ 457.5		457.5
Gift Card
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	465	$ 475.6	494.3	$ 494.6
Activations	127.7	94.7	234.3	170.4
Redemptions and breakage	(115.8)	(101)	(251.7)	(195.7)
Ending balance	$ 476.9	$ 469.3	$ 476.9	$ 469.3

Additional Financial Informat_3

Additional Financial Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Nov. 28, 2021	May 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use assets	$ 3,599.7	$ 3,776.4
Finance lease right-of-use assets	655.7	405.6
Total lease assets, net	4,255.4	4,182
Operating lease liabilities - current	177.9	176.8
Finance lease liabilities - current	10.7	7.3
Operating lease liabilities - non-current	3,904.4	4,088.5
Finance lease liabilities - non-current	818.3	555.3
Total lease liabilities	$ 4,911.3	$ 4,827.9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Carrying amount of long-lived assets held and used	Carrying amount of long-lived assets held and used
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

Additional Financial Informat_4

Additional Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	May 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest, net of amounts capitalized	$ 30.3	$ 31.4
Income taxes, net of refunds	58	12.6
Increase in land, buildings and equipment through accrued purchases	43.2	33.9
Right-of-use assets obtained in exchange for new operating lease liabilities	3.6	20.1
Right-of-use assets obtained in exchange for new finance lease liabilities	92.9	18.4
Net change in right-of-use assets due to lease modifications resulting in reclassification of leases from operating to finance	108.3	71.3
Restricted cash	$ 51.5	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (percentage)	14.40%	8.30%	13.40%	2.90%
Income tax expense	$ 32.5	$ 8.8	$ 65.8	$ 4
Tax position, change is reasonably possible in the next twelve months	$ 34.1		$ 34.1

Net Earnings per Share (Details

Net Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Earnings Per Share [Abstract]
Anti-dilutive stock-based compensation awards (in shares)	0.2	0.7	0.1	1.1

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Nov. 28, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Segment Reporting Information [Line Items]
Sales	$ 2,272.2	$ 1,656.5	$ 4,578.2	$ 3,183.9
Restaurant and marketing expenses	1,845.8	1,359.9	3,669.2	2,614.8
Segment profit	426.4	296.6	909	569.1
Depreciation and amortization	92.1	86	181.1	173.6
Purchases of land, buildings and equipment			173.3	108.2
Operating Segments | Olive Garden
Segment Reporting Information [Line Items]
Sales	1,077.2	829.5	2,167.6	1,617.7
Restaurant and marketing expenses	842.1	654.4	1,679.2	1,268.8
Segment profit	235.1	175.1	488.4	348.9
Depreciation and amortization	35.9	34.5	71.3	70.4
Purchases of land, buildings and equipment			70.6	34.6
Operating Segments | LongHorn Steakhouse
Segment Reporting Information [Line Items]
Sales	547.2	407.4	1,114.3	784.1
Restaurant and marketing expenses	463.6	341.1	923.2	660.8
Segment profit	83.6	66.3	191.1	123.3
Depreciation and amortization	16.3	16.5	32.3	33.4
Purchases of land, buildings and equipment			43.1	17.4
Operating Segments | Fine Dining
Segment Reporting Information [Line Items]
Sales	188.7	107.3	357.5	190
Restaurant and marketing expenses	149	86.9	284.3	159.5
Segment profit	39.7	20.4	73.2	30.5
Depreciation and amortization	8.5	7.7	16.7	15.3
Purchases of land, buildings and equipment			20.7	23.2
Operating Segments | Other Business
Segment Reporting Information [Line Items]
Sales	459.1	312.3	938.8	592.1
Restaurant and marketing expenses	396.8	273.1	791.7	517.4
Segment profit	62.3	39.2	147.1	74.7
Depreciation and amortization	24.5	24.1	48.6	48.3
Purchases of land, buildings and equipment			38.2	32
Corporate
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Restaurant and marketing expenses	(5.7)	4.4	(9.2)	8.3
Segment profit	5.7	(4.4)	9.2	(8.3)
Depreciation and amortization	$ 6.9	$ 3.2	12.2	6.2
Purchases of land, buildings and equipment			$ 0.7	$ 1

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Profit to Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Segment Reporting [Abstract]
Segment profit	$ 426.4	$ 296.6	$ 909	$ 569.1
Less general and administrative expenses	(91.4)	(89.9)	(204.2)	(218.2)
Less depreciation and amortization	(92.1)	(86)	(181.1)	(173.6)
Less interest, net	(16.7)	(14.6)	(32.3)	(31.2)
Other (income) expense, net	(0.3)	(0.4)	(0.5)	(7.9)
Earnings before income taxes	$ 225.9	$ 105.7	$ 490.9	$ 138.2

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,752.4	$ 2,375	$ 2,813.1	$ 2,331.2
Gain (loss)	(5.4)	4.6	(3.2)	9.2
Reclassification realized in net earnings	0.2	0.8	(0.4)	1.3
Ending balance	2,543	2,455.1	2,543	2,455.1
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4.8	4.7	5.2	4.5
Gain (loss)	(0.1)	0	(0.5)	0.2
Reclassification realized in net earnings	0	0	0	0
Ending balance	4.7	4.7	4.7	4.7
Unrealized Gains (Losses) on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9.7	(4.1)	7.9	(8.6)
Gain (loss)	(5.3)	4.6	(2.7)	9
Reclassification realized in net earnings	0	0.4	(0.8)	0.5
Ending balance	4.4	0.9	4.4	0.9
Benefit Plan Funding Position
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8.7)	(13.1)	(8.9)	(13.5)
Gain (loss)	0	0	0	0
Reclassification realized in net earnings	0.2	0.4	0.4	0.8
Ending balance	(8.5)	(12.7)	(8.5)	(12.7)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5.8	(12.5)	4.2	(17.6)
Ending balance	$ 0.6	$ (7.1)	$ 0.6	$ (7.1)

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Reclassification Adjustments out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less general and administrative expenses	$ (91.4)	$ (89.9)	$ (204.2)	$ (218.2)
Tax benefit (expense)	(32.5)	(8.8)	(65.8)	(4)
Net earnings	193.2	96	424.1	132.1
Amount Reclassified from AOCI into Net Earnings | Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before income taxes	0	(0.6)	0.8	(0.7)
Tax benefit (expense)	0	0.2	0	0.2
Net earnings	0	(0.4)	0.8	(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	(0.4)	0	(0.9)
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	(0.1)	0.9	0.3
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	(0.3)	(0.6)	(0.6)	(1.1)
Tax benefit (expense)	0.1	0.2	0.2	0.3
Net earnings	(0.2)	(0.4)	(0.4)	(0.8)
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	(0.2)	(0.1)	(0.3)	(0.1)
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	$ (0.1)	$ (0.5)	$ (0.3)	$ (1)

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Pricing Assumptions (Details) - $ / shares	6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value (in dollars per share)	$ 41.02	$ 20.07
Dividend yield	3.20%	3.00%
Expected volatility of stock	39.60%	37.30%
Risk-free interest rate	0.90%	0.40%
Expected option life (in years)	6 years 3 months 18 days	6 years 4 months 24 days
Weighted-average exercise price per share (in dollars per share)	$ 148.20	$ 78.84
Equity-Settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility of stock	53.40%	50.50%
Risk-free interest rate	0.40%	0.10%
Expected option life (in years)	2 years 9 months 18 days	2 years 9 months 18 days
Weighted-average exercise price per share (in dollars per share)	$ 172.34	$ 83.46

Stock-Based Compensation - Shar

Stock-Based Compensation - Share Activity (Details) shares in Thousands	6 Months Ended
	Nov. 28, 2021shares
Stock Options
Stock Options
Outstanding shares beginning of period (in shares)	2,150
Awards granted (in shares)	150
Awards exercised/vested (in shares)	(360)
Awards forfeited (in shares)	0
Outstanding shares end of period (in shares)	1,940
Restricted Stock/ Restricted Stock Units
Non-Option Awards
Outstanding shares beginning of period (in shares)	260
Awards granted (in shares)	50
Awards exercised/vested (in shares)	(60)
Awards forfeited (in shares)	0
Outstanding shares end of period (in shares)	250
Equity-Settled Performance Stock Units
Non-Option Awards
Outstanding shares beginning of period (in shares)	480
Awards granted (in shares)	90
Awards exercised/vested (in shares)	(150)
Awards forfeited (in shares)	0
Outstanding shares end of period (in shares)	420
Cash-Settled Darden Stock Units
Non-Option Awards
Outstanding shares beginning of period (in shares)	800
Awards granted (in shares)	310
Awards exercised/vested (in shares)	(220)
Awards forfeited (in shares)	(40)
Outstanding shares end of period (in shares)	850

Stock-Based Compensation - Reco

Stock-Based Compensation - Recognized Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 10.5	$ 22.2	$ 38.1	$ 41.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1.1	2.8	4.5	4.5
Restricted stock/restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1.2	3	5	5.8
Equity-settled performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2.3	5.1	10.5	10.7
Cash-settled Darden stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4.9	10.4	16.2	18.4
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.6	0.6	1.3	1.3
Director compensation program/other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.4	$ 0.3	$ 0.6	$ 0.7

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 28, 2021	Nov. 28, 2021	May 30, 2021
Derivative [Line Items]
Reduction to interest expense related to net swap settlements	$ 1.2	$ 2.5
Cash flow hedge gain to be reclassified within twelve months		$ 0.5
4.550% Senior Notes Due In February 2048
Derivative [Line Items]
Long-term debt			$ 300
Debt instrument, interest rate			455.00%
Interest rate contracts
Derivative [Line Items]
Notional value			$ 300
Equity forwards:
Derivative [Line Items]
Derivative term		3 months
Darden Stock Units | Minimum | Equity forwards:
Derivative [Line Items]
Vesting period		3 years
Darden Stock Units | Maximum | Equity forwards:
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. 28, 2021	May 30, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1	$ 3
Derivative liabilities	5.1	0.2
Equity forwards:
Derivatives, Fair Value [Line Items]
Derivative assets	0	2.9
Derivative liabilities	$ 5.1	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)	$ 125.95
Notional value	$ 42.2
Derivative assets	0	0.9
Derivative liabilities	$ 2.4	0
Equity forwards: | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Number of shares outstanding (in shares)	0.4
Weighted-average forward rates (in dollars per share)	$ 119.46
Notional value	$ 45.5
Derivative assets	0	2
Derivative liabilities	2.7	0
Commodity contracts:
Derivatives, Fair Value [Line Items]
Derivative assets	0	0.1
Derivative liabilities	0	0
Commodity contracts: | Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional value	0.4
Derivative assets	0	0.1
Derivative liabilities	0	0
Commodity contracts: | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional value	0
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Notional value		300
Derivative assets	1	0
Derivative liabilities	0	0.2
Interest rate contracts | Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional value	300
Derivative assets	1	0
Derivative liabilities	0	0.2
Interest rate contracts | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

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. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	$ (5.3)	$ 4.5	$ (2.7)	$ 9.1
Amount of Gain (Loss) Reclassified from AOCI to Earnings	0	(0.6)	0.8	(0.7)
Equity forwards: | Cost of sales and selling general and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	(5.4)	5	(2.7)	8.7
Amount of Gain (Loss) Reclassified from AOCI to Earnings	0.1	(0.1)	0.9	0.3
Commodity contracts: | Food and beverage costs and restaurant expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	0.1	(0.5)	0	0.4
Amount of Gain (Loss) Reclassified from AOCI to Earnings	0	(0.4)	0	(0.9)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	0	0	0	0
Amount of Gain (Loss) Reclassified from AOCI to Earnings	$ (0.1)	$ (0.1)	$ (0.1)	$ (0.1)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments in Fair Value Hedging Relationships (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ (5.5)	$ 0	$ 1.2	$ 0
Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item	5.5	0	(1.2)	0
Interest rate contracts | Interest, Net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(5.5)	0	1.2	0
Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item	$ 5.5	$ 0	$ (1.2)	$ 0

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Effects of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Earnings	$ (3.5)	$ 10.6	$ 1.7	$ 15.2
Food and beverage costs and restaurant expenses
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Earnings	0	0	0.1	0.1
General and administrative expenses
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Earnings	$ (3.5)	$ 10.6	$ 1.6	$ 15.1

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Nov. 28, 2021	May 30, 2021
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Total	$ (4.1)	$ 2.8
Commodities futures, swaps & options
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives		0.1
Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	(5.1)	2.9
Interest rate swaps
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	1	(0.2)
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) | Commodities futures, swaps & options
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives		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
Quoted prices in active market for identical assets (liabilities) (Level 1) | Interest rate swaps
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	(4.1)	2.8
Significant other observable inputs (Level 2) | Commodities futures, swaps & options
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives		0.1
Significant other observable inputs (Level 2) | Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	(5.1)	2.9
Significant other observable inputs (Level 2) | Interest rate swaps
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	1	(0.2)
Significant unobservable inputs (Level 3)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Total	0	0
Significant unobservable inputs (Level 3) | Commodities futures, swaps & options
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives		0
Significant unobservable inputs (Level 3) | Equity forwards
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Derivatives	0	0
Significant unobservable inputs (Level 3) | Interest rate swaps
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 30, 2021USD ($)restaurant	Nov. 28, 2021USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying value of long-term debt	$ 929.8	$ 929
Fair value of long-term debt	1,060	1,070
Carrying amount of long-lived assets held and used	2,869.2	$ 3,140.8
Underperforming Restaurants
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment	5
Significant unobservable inputs (Level 3) | Underperforming Restaurants
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying amount of long-lived assets held and used	$ 5.6
Number of underperforming restaurants | restaurant	4
Assets held-for-sale, long-lived, fair value	$ 0.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Nov. 28, 2021	May 30, 2021
Workers Compensation and General Liabilities Accrued
Loss Contingencies [Line Items]
Standby letters of credit	$ 104.8	$ 70.5
Surety Bonds and Other Payments
Loss Contingencies [Line Items]
Standby letters of credit	18.9	28.9
Property Lease Guarantee
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	107.8	121.5
Fair value of potential payments discounted at pre-tax cost of capital related to guarantee obligations	$ 86.2	$ 99.7

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Dec. 15, 2021	Nov. 28, 2021	Nov. 29, 2020	Nov. 28, 2021	Nov. 29, 2020
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 1.10	$ 0.30	$ 2.20	$ 0.30
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 1.10