DARDEN RESTAURANTS INC, 10-K filed on 7/19/2024
Annual Report
v3.24.2
Cover - USD ($)
 12 Months Ended
May 26, 2024
Nov. 24, 2023
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date May 26, 2024  
Current Fiscal Year End Date --05-26  
Document Transition Report false  
Entity File Number 1-13666  
Entity Registrant Name DARDEN RESTAURANTS, INC.  
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 Well Known Seasoned Issuer Yes  
Entity Voluntary Filer No  
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  
ICFR Auditor Attestation Flag true  
Document Financial Statement Error Correction [Flag] false  
Entity Shell Company false  
Public Float   $ 18,588,900,000
Entity Common Stock, Shares Outstanding (in shares) 118,862,950  
Documents Incorporated by Reference
Portions of the Registrant’s Proxy Statement for its Annual Meeting of Shareholders on September 18, 2024, to be filed with the Securities and Exchange Commission no later than 120 days after May 26, 2024, are incorporated by reference into Part III of this Report.
  
Entity Central Index Key 0000940944  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus FY  
v3.24.2
Audit Information
 12 Months Ended
May 26, 2024
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Orlando, FL
Auditor Firm ID 185
v3.24.2
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Sales $ 11,390.0 $ 10,487.8 $ 9,630.0
Costs and expenses:      
Restaurant labor 3,619.3 3,346.3 3,108.8
Marketing expenses 144.5 118.3 93.2
General and administrative expenses 479.2 386.1 373.2
Depreciation and amortization 459.9 387.8 368.4
Impairments and disposal of assets, net 12.4 (10.6) (2.0)
Total operating costs and expenses 10,075.8 9,286.0 8,467.8
Operating income 1,314.2 1,201.8 1,162.2
Interest, net 138.7 81.3 68.7
Earnings before income taxes 1,175.5 1,120.5 1,093.5
Income tax expense 145.0 137.0 138.8
Earnings from continuing operations 1,030.5 983.5 954.7
Losses from discontinued operations, net of tax benefit of $1.7, $0.8 and $0.2, respectively (2.9) (1.6) (1.9)
Net earnings $ 1,027.6 $ 981.9 $ 952.8
Basic net earnings per share:      
Earnings from continuing operations (in dollars per share) $ 8.59 $ 8.07 $ 7.47
Losses from discontinued operations (in dollars per share) (0.02) (0.01) (0.01)
Net earnings (in dollars per share) 8.57 8.06 7.46
Diluted net earnings per share:      
Earnings from continuing operations (in dollars per share) 8.53 8.00 7.40
Losses from discontinued operations (in dollars per share) (0.02) (0.01) (0.01)
Net earnings (in dollars per share) $ 8.51 $ 7.99 $ 7.39
Average number of common shares outstanding:      
Basic (in shares) 119.9 121.9 127.8
Diluted (in shares) 120.8 122.9 129.0
Food and beverage      
Costs and expenses:      
Food and beverage costs and restaurant expenses $ 3,523.9 $ 3,355.9 $ 2,943.6
Restaurant expenses      
Costs and expenses:      
Food and beverage costs and restaurant expenses $ 1,836.6 $ 1,702.2 $ 1,582.6
v3.24.2
CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Income Statement [Abstract]      
Tax benefit from discontinued operations $ 1.7 $ 0.8 $ 0.2
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings $ 1,027.6 $ 981.9 $ 952.8
Foreign currency adjustment 0.1 (0.3) (0.4)
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $9.4, $(1.5) and $0.2, respectively 20.6 4.3 (8.3)
Net unamortized gain (loss) arising during period, including amortization of unrecognized net actuarial loss, net of taxes of $0.6, $0.4 and $0.9, respectively 1.7 1.1 2.6
Other comprehensive income (loss) 22.4 5.1 (6.1)
Total comprehensive income $ 1,050.0 $ 987.0 $ 946.7
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Statement of Comprehensive Income [Abstract]      
Change in fair value of derivatives and amortization of unrecognized gain (loss) on derivatives, tax $ 9.4 $ (1.5) $ 0.2
Amortization of unrecognized net actuarial (loss) gain, tax $ 0.6 $ 0.4 $ 0.9
v3.24.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Current assets:    
Cash and cash equivalents $ 194.8 $ 367.8
Receivables, net 79.1 80.2
Inventories 290.5 287.9
Prepaid income taxes 121.7 107.3
Prepaid expenses and other current assets 136.7 154.5
Total current assets 822.8 997.7
Land, buildings and equipment, net 4,184.3 3,725.1
Operating lease right-of-use assets 3,429.3 3,373.9
Goodwill 1,391.0 1,037.4
Trademarks 1,148.0 806.3
Other assets 347.6 301.1
Total assets 11,323.0 10,241.5
Current liabilities:    
Accounts payable 399.5 426.2
Short-term debt 86.8 0.0
Accrued payroll 190.1 173.0
Accrued income taxes 6.1 7.8
Other accrued taxes 71.0 65.9
Unearned revenues 591.8 512.0
Other current liabilities 847.2 752.5
Total current liabilities 2,192.5 1,937.4
Long-term debt 1,370.4 884.9
Deferred income taxes 232.0 142.2
Operating lease liabilities - non-current 3,704.7 3,667.6
Other liabilities 1,580.9 1,407.9
Total liabilities 9,080.5 8,040.0
Stockholders’ equity:    
Common stock and surplus, no par value. Authorized 500.0 shares; issued 118.9 and 121.1 shares, respectively; outstanding 118.9 and 121.1 shares, respectively 2,252.4 2,230.8
Preferred stock, no par value. Authorized 25.0 shares; none issued and outstanding 0.0 0.0
Retained earnings (deficit) (35.5) (32.5)
Accumulated other comprehensive income 25.6 3.2
Total stockholders’ equity 2,242.5 2,201.5
Total liabilities and stockholders’ equity $ 11,323.0 $ 10,241.5
v3.24.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
May 26, 2024
May 28, 2023
Statement of Financial Position [Abstract]    
Common stock, authorized (in shares) 500,000,000.0 500,000,000.0
Common stock, issued (in shares) 118,900,000 121,100,000
Common stock, outstanding (in shares) 118,900,000 121,100,000
Preferred stock, authorized (in shares) 25,000,000.0 25,000,000.0
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
v3.24.2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock And Surplus
Retained Earnings (Deficit)
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at May. 30, 2021   130,800    
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 952.8   952.8  
Other comprehensive income (6.1)     (6.1)
Dividends declared (565.4)   (565.4)  
Stock option exercises (in shares)   500    
Stock option exercises 29.7 $ 29.7    
Stock-based compensation 33.6 $ 33.6    
Repurchases of common stock (in shares)   (7,600)    
Repurchases of common stock (1,071.3) $ (135.7) (935.6)  
Issuance of stock under Employee Stock Purchase Plan and other plans (in shares)   100    
Issuance of stock under Employee Stock Purchase Plan and other plans 10.5 $ 10.5    
Other (in shares)   100    
Other 1.3 $ 1.3    
Ending balance (in shares) at May. 29, 2022   123,900    
Ending balance at May. 29, 2022 2,198.2 $ 2,226.0 (25.9) (1.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net earnings 981.9   981.9  
Other comprehensive income 5.1     5.1
Dividends declared (594.1)   (594.1)  
Stock option exercises (in shares)   400    
Stock option exercises 24.2 $ 24.2    
Stock-based compensation 32.7 $ 32.7    
Repurchases of common stock (in shares)   (3,500)    
Repurchases of common stock (458.7) $ (64.3) (394.4)  
Issuance of stock under Employee Stock Purchase Plan and other plans (in shares)   300    
Issuance of stock under Employee Stock Purchase Plan and other plans 11.2 $ 11.2    
Other $ 1.0 $ 1.0    
Ending balance (in shares) at May. 28, 2023 121,100 121,100    
Ending balance at May. 28, 2023 $ 2,201.5 $ 2,230.8 (32.5) 3.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net earnings 1,027.6   1,027.6  
Other comprehensive income 22.4     22.4
Dividends declared $ (631.9)   (631.9)  
Stock option exercises (in shares) 400 400    
Stock option exercises $ 31.8 $ 31.8    
Stock-based compensation 36.6 $ 36.6    
Repurchases of common stock (in shares)   (2,900)    
Repurchases of common stock (453.9) $ (55.2) (398.7)  
Issuance of stock under Employee Stock Purchase Plan and other plans (in shares)   300    
Issuance of stock under Employee Stock Purchase Plan and other plans 11.8 $ 11.8    
Other $ (3.4) $ (3.4)    
Ending balance (in shares) at May. 26, 2024 118,900 118,900    
Ending balance at May. 26, 2024 $ 2,242.5 $ 2,252.4 $ (35.5) $ 25.6
v3.24.2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends declared (in dollars per share) $ 5.24 $ 4.84 $ 4.40
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Cash flows - operating activities      
Net earnings $ 1,027.6 $ 981.9 $ 952.8
Losses from discontinued operations, net of tax 2.9 1.6 1.9
Adjustments to reconcile net earnings (loss) from continuing operations to cash flows:      
Depreciation and amortization 459.9 387.8 368.4
Impairments and disposal of assets, net 12.4 (10.6) (2.0)
Stock-based compensation expense 68.5 67.5 60.5
Change in current assets and liabilities 95.4 175.7 (96.7)
Contributions to pension and postretirement plans (1.7) (2.1) (2.2)
Deferred income taxes (3.2) (59.5) (23.7)
Change in other assets and liabilities (23.4) 9.0 (7.4)
Other, net (16.7) 1.5 13.0
Net cash provided by operating activities of continuing operations 1,621.7 1,552.8 1,264.6
Cash flows - investing activities      
Purchases of land, buildings and equipment (601.2) (564.9) (376.9)
Proceeds from disposal of land, buildings and equipment 3.3 25.4 10.1
Cash used in business acquisitions, net of cash acquired (701.1) 0.0 0.0
Purchases of capitalized software and other assets (27.1) (29.4) (25.6)
Other, net 1.5 0.5 3.4
Net cash used in investing activities of continuing operations (1,324.6) (568.4) (389.0)
Cash flows - financing activities      
Net proceeds from issuance of common stock 43.6 35.4 40.2
Dividends paid (628.4) (589.8) (563.0)
Repurchases of common stock (453.9) (458.7) (1,071.3)
Proceeds from issuance of commercial paper, net 86.8 0.0 0.0
Proceeds from the issuance of long-term debt 1,100.0 0.0 0.0
Repayments of long-term debt (600.0) 0.0 0.0
Principal payments on finance leases, net (19.9) (19.8) (12.9)
Payment of debt issuance costs (11.6) (0.2) (2.7)
Net cash used in financing activities of continuing operations (483.4) (1,033.1) (1,609.7)
Cash flows - discontinued operations      
Net cash used in operating activities of discontinued operations (9.8) (7.2) (8.5)
Net cash used in discontinued operations (9.8) (7.2) (8.5)
Decrease in cash, cash equivalents, and restricted cash (196.1) (55.9) (742.6)
Cash, cash equivalents, and restricted cash - beginning of year 416.2 472.1 1,214.7
Cash, cash equivalents and restricted cash - end of year 220.1 416.2 472.1
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 194.8 367.8 420.6
Restricted cash included in prepaid and other current assets 25.3 48.4 51.5
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 220.1 416.2 472.1
Cash flows from changes in current assets and liabilities      
Receivables, net 9.3 (8.2) (3.9)
Inventories 5.6 (17.3) (79.8)
Prepaid expenses and other current assets (1.4) (24.5) (22.6)
Accounts payable (11.3) 40.9 43.2
Accrued payroll 7.7 (8.4) 4.1
Prepaid/accrued income taxes 5.1 143.3 58.5
Other accrued taxes 4.6 1.3 4.1
Unearned revenues 12.9 14.0 23.8
Other current liabilities 62.9 34.6 (124.1)
Change in current assets and liabilities $ 95.4 $ 175.7 $ (96.7)
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
May 26, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements include the operations of Darden Restaurants, Inc. and its wholly owned subsidiaries (Darden, the Company, we, us or our). We own and operate the Olive Garden®, LongHorn Steakhouse®, Cheddar’s Scratch Kitchen®, Yard House®, Ruth’s Chris Steak House®, The Capital Grille®, Seasons 52®, Bahama Breeze®, Eddie V’s Prime Seafood® (Eddie V’s), and The Capital Burger® restaurant brands located in the United States and Canada. Through subsidiaries, we own and operate all of our restaurants in the United States and Canada, except for 6 restaurants we manage through joint venture or other contractual agreements and 85 franchised restaurants. We also have 61 franchised restaurants located in Canada, Latin America, the Caribbean, Asia, and the Middle East. All significant intercompany balances and transactions have been eliminated in consolidation.

On June 14, 2023, we completed our acquisition of Ruth’s Hospitality Group, Inc., a Delaware corporation (Ruth’s), for $21.50 per share in cash. Ruth’s is the owner, operator and franchisor of Ruth’s Chris Steak House restaurants. See Note 2, Acquisition of Ruth’s Chris Steak House.
For fiscal 2024, 2023 and 2022, all gains and losses on disposition, impairment charges and disposal costs, along with the sales, costs and expenses and income taxes attributable to discontinued locations, have been aggregated in a single caption entitled “Losses from discontinued operations, net of tax benefit” in our consolidated statements of earnings for all periods presented.
Fiscal Year
We operate on a 52/53-week fiscal year, which ends on the last Sunday in May. Fiscal 2024, which ended May 26, 2024, consisted of 52 weeks. Fiscal 2023, which ended May 28, 2023, consisted of 52 weeks and fiscal 2022, which ended May 29, 2022, consisted of 52 weeks.
Use of Estimates
We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (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 expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash equivalents include highly liquid investments such as bank deposits and money market funds that have an original maturity of three months or less. Amounts receivable from credit card companies are also considered cash equivalents because they are both short term and highly liquid in nature and are typically converted to cash within three days of the sales transaction.

The components of cash and cash equivalents are as follows:
(in millions)May 26, 2024May 28, 2023
Short-term investments$2.8 $185.6 
Credit card receivables153.0 142.3 
Depository accounts39.0 39.9 
Total cash and cash equivalents$194.8 $367.8 
As of May 26, 2024, and May 28, 2023, we had cash and cash equivalent accounts in excess of insured limits. We manage the credit risk of our positions through utilizing multiple financial institutions and monitoring the credit quality of those financial institutions that hold our cash and cash equivalents. We had restricted cash of $25.3 million as of May 26, 2024, which represents cash held as security for a standby letter of credit and cash received for like-kind exchanges, and $48.4 million as of May 28, 2023, which represents cash held as security for a standby letter of credit. Restricted cash is included in Prepaid Expenses and Other Current Assets on the balance sheet. See Note 16, Commitments and Contingencies.
Receivables, Net
Receivables, net of the allowance for doubtful accounts, represent their estimated net realizable value. Provisions for doubtful accounts are recorded based on historical collection experience and the age of the receivables. Receivables are written off when they are deemed uncollectible. See Note 12 for additional information.
Inventories
Inventories consist of food and beverages and are valued at the lower of weighted-average cost or net realizable value.
Land, Buildings and Equipment, Net
Land, buildings and equipment are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from 3 to 30 years using the straight-line method. Leasehold improvements, which are reflected on our consolidated balance sheets as a component of buildings in land, buildings and equipment, net, are amortized over the lesser of the expected lease term or the estimated useful lives of the related assets using the straight-line method. Equipment is depreciated over estimated useful lives ranging from 2 to 20 years also using the straight-line method. See Note 5 for additional information. Gains and losses on the disposal of land, buildings and equipment are included in impairments and disposal of assets, net, while the write-off of net book value associated with the replacement of equipment in the normal course of business is recorded as a component of restaurant expenses in our accompanying consolidated statements of earnings. Depreciation and amortization expense from continuing operations associated with buildings and equipment and losses on replacement of equipment were as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Depreciation and amortization on buildings and equipment$435.1 $367.4 $346.7 
Losses on replacement of equipment3.0 2.2 2.1 
 
Capitalized Software Costs and Other Definite-Lived Intangibles
Capitalized software, which is a component of other assets, is recorded at cost less accumulated amortization. Capitalized software is amortized using the straight-line method over estimated useful lives ranging from 1 to 10 years. The cost of capitalized software and related accumulated amortization was as follows:
(in millions)May 26, 2024May 28, 2023
Capitalized software$292.2 $263.8 
Accumulated amortization(216.5)(196.8)
Capitalized software, net of accumulated amortization$75.7 $67.0 
We have other definite-lived intangible assets, including assets related to the value of reacquired franchise rights resulting from our acquisitions that are included as a component of other assets and definite-lived intangible liabilities related to the value of below-market agreements resulting from our acquisitions that are included in other liabilities on our consolidated balance sheets. Definite-lived intangibles are amortized on a straight-line basis over estimated useful lives of 1 to 20 years. The cost and related accumulated amortization was as follows:
(in millions)May 26, 2024May 28, 2023
Definite-lived intangible assets$30.7 $23.8 
Accumulated amortization(14.5)(12.5)
Definite-lived intangible assets, net of accumulated amortization$16.2 $11.3 
Definite-lived intangible liabilities$(3.0)$(3.0)
Accumulated amortization2.1 1.8 
Definite-lived intangible liabilities, net of accumulated amortization$(0.9)$(1.2)
Amortization expense from continuing operations associated with capitalized software and other definite-lived intangibles included in depreciation and amortization in our accompanying consolidated statements of earnings was as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Amortization expense - capitalized software$22.9 $18.6 $19.7 
Amortization expense - other definite-lived intangibles1.9 1.8 2.0 
Based on the net book values of our definite-lived intangible assets and liabilities at May 26, 2024, we expect amortization of capitalized software and other definite-lived intangible assets will be approximately $25.0 million annually for fiscal 2025 through 2029.

Trust-Owned Life Insurance
We have a trust that purchased life insurance policies covering certain of our officers and other key employees (trust-owned life insurance or TOLI). The trust is the owner and sole beneficiary of the TOLI policies. The policies were purchased to offset a portion of our obligations under our non-qualified deferred compensation plan. The cash surrender value for each policy is included in other assets, while changes in cash surrender values are included in general and administrative expenses.

Liquor Licenses
The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and included in other assets. Liquor licenses are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Annual liquor license renewal fees are expensed over the renewal term.

Goodwill and Intangible Assets
Our goodwill and trademark balances are allocated as follows:
GoodwillTrademarks
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Olive Garden $30.2 $30.2 $0.7 $0.7 
LongHorn Steakhouse49.3 49.3 307.8 307.8 
Cheddar’s Scratch Kitchen165.1 165.1 230.1 230.1 
Ruth’s Chris353.6 — 341.7 — 
Yard House369.2 369.2 109.3 109.3 
The Capital Grille401.6 401.6 147.4 147.4 
Seasons 52— — 0.5 0.5 
Eddie V’s22.0 22.0 10.5 10.5 
Total$1,391.0 $1,037.4 $1,148.0 $806.3 

We have ten reporting units, seven of which have goodwill and eight of which have trademarks. Goodwill and trademarks are not subject to amortization and have been assigned to reporting units for purposes of impairment testing. The reporting units are our restaurant brands. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. We review our goodwill and trademarks for impairment annually, as of the first day of our fourth fiscal quarter, or more frequently if indicators of impairment exist.

During fiscal 2024, we elected to perform a qualitative assessment for our annual review of goodwill and trademarks to determine whether or not indicators of impairment exist. In considering the qualitative approach related to goodwill, we evaluated factors including, but not limited to, macro-economic conditions, market and industry conditions, commodity cost fluctuations, competitive environment, share price performance, results of prior impairment tests, operational stability, the overall financial performance of the reporting units and the impacts of discount rates. As it relates to trademarks, we evaluate similar factors from the goodwill assessment, in addition to impacts of royalty rates. As a result of the qualitative assessment, no indicators of impairment were identified, and no additional indicators of impairment were identified through the end of our fourth fiscal quarter that would require us to test further for impairment.

We evaluate the useful lives of our other intangible assets to determine if they are definite or indefinite-lived. A determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, legislative action that results in an uncertain or changing regulatory environment and expected changes in distribution channels), the level of required maintenance expenditures and the expected lives of other related groups of assets.
Impairment or Disposal of Long-Lived Assets
Land, buildings and equipment, operating lease right-of-use assets and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If such assets are determined to be impaired, the recognized impairment is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined based on appraisals, sales prices of comparable assets or discounted future net cash flows expected to be generated by the assets. Restaurant sites and certain other assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell, and are included in assets held for sale on our consolidated balance sheets when certain criteria are met. These criteria include, among other factors, the requirement that the likelihood of disposing of these assets within one year is probable. Assets not meeting the “held for sale” criteria remain in land, buildings and equipment until their disposal is probable within one year.
We account for exit or disposal activities, including restaurant closures, in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 420, Exit or Disposal Cost Obligations. Such costs include the cost of disposing of the assets as well as other facility-related expenses from previously closed restaurants. These costs are generally expensed as incurred. See Note 4 for additional information. For restaurants operated under non-cancellable leases, on the date we commit to a plan to either abandon the related right-of-use (ROU) asset or sublease the underlying asset, we evaluate the ROU asset for potential impairment and determine the go-forward accounting based on the requirements in FASB ASC Topic 842, Leases.
Insurance Accruals
Through the use of insurance program deductibles and self-insurance, we retain a significant portion of expected losses under our workers’ compensation and general liability programs. Accrued liabilities have been recorded based on our estimates of the anticipated ultimate costs to settle all claims, both reported and not yet reported.
Revenue Recognition
Sales, as presented in our consolidated statements of earnings, includes the sale of food and beverage products, royalties from our franchised restaurants and royalties from the sale of consumer product goods. Revenue from restaurant sales is recognized when food and beverage products are sold and is presented net of discounts, coupons, employee meals and complimentary meals. Revenue is presented net of sales tax. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.
Franchise royalties, which are a percentage of net sales of franchised restaurants, are recognized as revenue in the period the related sales occur. Revenue from area development and franchise fees are recognized as the performance obligations are satisfied over the term of the franchise agreement, which is generally 10 years. Advertising contributions, which are a percentage of net sales of franchised restaurants, are recognized in the period the related sales occur. Additionally, franchisee purchases of our inventory through our distribution network are recognized as revenue in the period the purchases are made.
Revenue from the sale of consumer packaged goods includes ongoing royalty fees based on a percentage of licensed retail product sales and is recognized upon the sale of product by our licensed manufacturers to retail outlets.
Unearned Revenues
Unearned revenues primarily represent our liability for gift cards that have been sold but not yet redeemed. We recognize sales from our gift cards when the gift card is redeemed by the customer. Although there are no expiration dates or dormancy fees for our gift cards, based on our analysis of our historical gift card redemption patterns, we can reasonably estimate the amount of gift cards for which redemption is remote, which is referred to as “breakage.” We recognize breakage within sales for unused gift card amounts in proportion to actual gift card redemptions. The estimated value of gift cards expected to remain unused is recognized over the expected period of redemption as the remaining gift card values are redeemed, generally over a period of 12 years. Utilizing this method, we estimate both the amount of breakage and the time period of redemption. If actual redemption patterns vary from our estimates, actual gift card breakage income may differ from the amounts recorded. We update our estimates of our redemption period and our breakage rate periodically and apply that rate prospectively to gift card redemptions. Discounts for gift cards sold by third parties are recorded to unearned revenues and are recognized as a reduction to sales over a period that approximates redemption patterns. 
Food and Beverage Costs
Food and beverage costs include inventory, warehousing, related purchasing and distribution costs, and gains and losses on certain commodity derivative contracts. Vendor allowances received in connection with the purchase of a vendor’s products are
recognized as a reduction of the related food and beverage costs as earned. For certain contracts, advance payments are made by the vendors based on estimates of volume to be purchased from the vendors and the terms of the agreement. As we make purchases from the vendors each period, we recognize the pro rata portion of allowances earned as a reduction of food and beverage costs for that period. Differences between estimated and actual purchases are settled in accordance with the terms of the agreements. Vendor agreements are generally for a period of one year or more and payments received are initially recorded as long-term liabilities. Amounts expected to be earned within one year are recorded as current liabilities.
Income Taxes
We provide for federal and state income taxes currently payable as well as for those deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits are recorded as a reduction of income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Interest recognized on reserves for uncertain tax positions is included in income tax expense in our consolidated statements of earnings. A corresponding liability for accrued interest is included as a component of other current liabilities on our consolidated balance sheets. Penalties, when incurred, are recognized in general and administrative expenses.
FASB ASC Topic 740, Income Taxes, requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not (i.e., a likelihood of more than 50 percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. See Note 13 for additional information.
Derivative Instruments and Hedging Activities
We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as required by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. We use financial and commodities derivatives to manage interest rate, compensation and commodities pricing risks inherent in our business operations. Our use of derivative instruments is currently limited to interest rate hedges, equity forward contracts and commodity swaps. These instruments are generally structured as hedges of the variability of cash flows related to forecasted transactions (cash flow hedges). However, we do at times enter into instruments designated as fair value hedges to reduce our exposure to changes in fair value of the related hedged item. We do not enter into derivative instruments for trading or speculative purposes, where changes in the cash flows or fair value of the derivative are not expected to offset changes in cash flows or fair value of the hedged item. However, we have entered into equity forwards to economically hedge changes in the fair value of employee investments in our non-qualified deferred compensation plan. All derivatives are recognized on the balance sheet at fair value. For those derivative instruments for which we intend to elect hedge accounting, on the date the derivative contract is entered into, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the consolidated balance sheet or to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.
To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria required by FASB ASC Topic 815, 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. Ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period in which it occurs. To the extent our derivatives are effective in mitigating changes in fair value, and otherwise meet the fair value hedge accounting criteria required by FASB ASC Topic 815, gains and losses in the derivatives’ fair value are included in current earnings, as are the gains and losses of the related hedged item. To the extent the 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. See Note 8 for additional information.
Leases
The majority of our restaurant locations, as well as our restaurant support center, are subject to a lease. We evaluate our leases at the commencement of the lease to determine the classification as an operating or finance lease. Upon adoption of FASB ASC Topic 842, we recognized operating and finance lease liabilities based on the present value of minimum lease payments over the remaining expected lease term and corresponding right-of-use assets. We recognize lease expense related to operating leases
on a straight-line basis. Amortization expense and interest expense related to finance leases are included in depreciation and amortization and interest, net, respectively, in our consolidated statements of earnings. Sale-leasebacks are transactions through which we sell assets (such as restaurant properties) at fair value and subsequently lease them back. The resulting leases qualify and are accounted for as operating leases. Failed sale-leaseback transactions are generally classified as finance leases and result in retention of the “sold” assets within land, buildings and equipment with a finance lease liability equal to the amount of proceeds received recorded as a component of other liabilities on our consolidated balance sheets.

Within the provisions of certain of our leases, there are rent holidays and escalations in payments over the base lease term, as well as renewal periods. The effects of the holidays and escalations have been reflected in lease expense on a straight-line basis for operating leases over the expected lease term. The lease term commences on the date when we have the right to control the use of the leased property, which is typically before lease payments are due under the terms of the lease. Many of our leases have renewal periods totaling 5 to 20 years, exercisable at our option, and require payment of property taxes, insurance and maintenance costs in addition to the lease payments. At lease inception, we include option periods that we are reasonably certain to exercise as failure to renew the lease would impose an economic penalty either from the loss of our investment in leasehold improvements or future cash flows from operating the restaurant. The consolidated financial statements reflect the same lease term for amortizing leasehold improvements as we use to determine finance versus operating lease classifications. Variable lease expense is generally based on sales levels and is accrued at the point in time we determine that it is probable that such sales levels will be achieved. Landlord allowances are recorded as an adjustment to the right-of-use assets. Gains and losses on sale-leaseback transactions are recognized immediately. We elected the practical expedient to not separate lease and non-lease components for real estate leases entered into after adoption. See Note 11 for additional information.
Pre-Opening Expenses
Non-capital expenditures associated with opening new restaurants are expensed as incurred. These costs are reported as restaurant expenses in our consolidated statements of earnings.
Advertising
Production costs of commercials are expensed in the fiscal period the advertising is first aired while the costs of programming and other advertising, promotion and marketing programs are expensed as incurred. These costs are reported as marketing expenses in our consolidated statements of earnings.
Stock-Based Compensation
We recognize the cost of employee service received in exchange for awards of equity instruments based on the grant date fair value of those awards. We recognize compensation expense, net of estimated forfeitures, on a straight-line basis over the employee service period for awards granted. We utilize the Black-Scholes option pricing model to estimate the fair value of stock option awards. The dividend yield has been estimated based upon our historical results and expectations for changes in dividend rates. The expected volatility was determined using historical stock prices. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term approximating the expected life of each grant. The expected life was estimated based on the exercise history of previous grants, taking into consideration the remaining contractual period for outstanding awards. We utilize a Monte Carlo simulation to estimate the fair value of our market-based equity-settled performance awards. The dividend yield assumes reinvestment of dividends. The expected volatility was determined using historical stock prices. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term approximating the expected life of each grant. The expected life was estimated based on the performance measurement period for outstanding awards. See Note 15 for further information.

Net Earnings per Share
Basic net earnings per share are computed by dividing net earnings by the weighted-average number of common shares outstanding for the reporting period. Diluted net earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Outstanding stock options, restricted stock units and equity-settled performance stock units granted by us represent the only dilutive effect reflected in diluted weighted-average shares outstanding. These stock-based compensation instruments do not impact the numerator of the diluted net earnings per share computation.
The following table presents the computation of basic and diluted net earnings per common share:
Fiscal Year Ended
(in millions, except per share data)May 26, 2024May 28, 2023May 29, 2022
Earnings from continuing operations$1,030.5 $983.5 $954.7 
Losses from discontinued operations(2.9)(1.6)(1.9)
Net earnings$1,027.6 $981.9 $952.8 
Weighted average common shares outstanding – Basic119.9 121.9 127.8 
Effect of dilutive stock-based compensation0.9 1.0 1.2 
Weighted average common shares outstanding – Diluted120.8 122.9 129.0 
Basic net earnings per share:
Earnings from continuing operations$8.59 $8.07 $7.47 
Losses from discontinued operations(0.02)(0.01)(0.01)
Net earnings$8.57 $8.06 $7.46 
Diluted net earnings per share:
Earnings from continuing operations$8.53 $8.00 $7.40 
Losses from discontinued operations(0.02)(0.01)(0.01)
Net earnings$8.51 $7.99 $7.39 
Stock options, restricted stock units 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:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Anti-dilutive stock-based compensation awards0.1 0.3 0.1 
Foreign Currency
The Canadian dollar is the functional currency for our Canadian restaurant operations. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations are translated using the average exchange rates prevailing throughout the period. Translation gains and losses are reported as a separate component of other comprehensive income (loss). Aggregate cumulative translation gains (losses) were $4.6 million and $4.5 million at May 26, 2024 and May 28, 2023, respectively. Net gains (losses) from foreign currency transactions recognized in our consolidated statements of earnings were $0.0 million, $0.0 million and $0.0 million for fiscal 2024, 2023 and 2022, respectively.
Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. We plan to adopt in the fourth quarter of fiscal 2025.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendment also provides further disclosure comparability. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. We plan to adopt in fiscal 2026.
In March 2024, the U.S. Securities and Exchange Commission (SEC) adopted its final rules intended to enhance and standardize climate-related disclosures in registration statements and annual reports. The new rules will require disclosure of material climate-related risks, including disclosure of Board of Directors’ oversight and risk management activities, the material impacts of these risks to the Company and the quantification of material impacts to the Company as a result of severe weather events and other natural conditions. The rules also require disclosure of material greenhouse gas emissions and any material climate-rated targets and goals. The new rules will be effective for annual reporting periods beginning in fiscal year 2026, except for the greenhouse gas emissions disclosures which will be effective for annual reporting periods beginning in fiscal year 2027. On April 4, 2024, the SEC issued a voluntary stay on its final rules pending multiple legal challenges. The Company is currently evaluating the impact of these new rules.
v3.24.2
ACQUISITION OF RUTH’S CHRIS STEAK HOUSE
 12 Months Ended
May 26, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITION OF RUTH’S CHRIS STEAK HOUSE ACQUISITION OF RUTH’S CHRIS STEAK HOUSE
On June 14, 2023, we acquired 100 percent of the equity interest of Ruth’s Chris Steak House (Ruth’s Chris) for $724.6 million in total consideration. We funded the acquisition with the proceeds from the issuance of a $600.0 million Term Loan (Term Loan) combined with cash on hand. We repaid the Term Loan in full on October 10, 2023 with proceeds from the issuance of $500 million aggregate principal amount of our 6.30 percent Senior Notes, due 2033, and cash on hand.
The acquired operations of Ruth’s Chris included 77 company-owned locations, 74 franchisee-owned locations and 4 managed locations operating under contractual agreement. The results of Ruth’s Chris operations are included in our consolidated financial statements from the date of acquisition.
The assets and liabilities of Ruth’s Chris were recorded at their respective fair values as of the date of acquisition. Through internal studies and third-party valuations, we have determined the fair value of these assets, including land, buildings and equipment, intangible assets, income tax assets, unearned revenues, and other liabilities. The fair values set forth below are based on the results of those valuations.
Additionally, included in the allocation below, are the assets we acquired related to the asset purchase of the Destin, Florida Ruth’s Chris franchisee-owned location on May 20, 2024 for $1.2 million in total consideration with cash on hand.
The final allocation of the purchase price is as follows:
Balances atBalances at
(in millions)June 14, 2023AdjustmentsMay 26, 2024
Cash$24.7 $— $24.7 
Other current assets20.9 (0.7)20.2 
Land, buildings and equipment170.5 (26.7)143.8 
Operating lease right-of-use assets291.6 11.8 303.4 
Goodwill339.5 14.1 353.6 
Trademark341.7 — 341.7 
Other assets12.0 12.4 24.4 
     Total assets acquired$1,200.9 $10.9 $1,211.8 
Current liabilities113.5 (3.8)109.7 
Deferred income taxes79.5 2.4 81.9 
Operating lease liabilities - non-current276.3 11.4 287.7 
Other liabilities7.0 (0.3)6.7 
     Total liabilities assumed$476.3 $9.7 $486.0 
Net assets acquired$724.6 $1.2 $725.8 
The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill. Of the $353.6 million recorded as goodwill, $15.2 million is deductible for tax purposes. The portion of the purchase price attributable to goodwill represents benefits expected because of the acquisition, including sales and unit growth opportunities in addition to supply-chain and support-cost synergies. The trademark has an indefinite life based on the expected use of the asset and the regulatory and economic environment within which it is being used. The trademark represents a highly respected brand with positive connotations, and we intend to cultivate and protect the use of this brand. Goodwill and indefinite-lived trademarks are not amortized, but are reviewed annually for impairment or more frequently if indicators of impairment exist. Buildings and equipment will be depreciated over a period of 2 years to 30 years.
As a result of the acquisition and related integration efforts, we incurred expenses of $51.8 million ($42.1 million, net of tax) during the twelve months ended May 26, 2024, which are included in general and administrative expenses, impairment, net and interest expense in our consolidated statements of earnings. Pro-forma financial information of the combined entities for periods prior to the acquisition is not presented due to the immaterial impact of the financial results of Ruth’s Chris on our consolidated financial statements.
v3.24.2
REVENUE RECOGNITION
 12 Months Ended
May 26, 2024
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)May 26, 2024May 28, 2023
Unearned revenues
Deferred gift card revenue$620.6 $537.0 
Deferred gift card discounts(29.5)(25.5)
Other0.7 0.5 
Total$591.8 $512.0 
Other liabilities
Deferred franchise fees - non-current$4.9 $2.7 
The following table presents a rollforward of deferred gift card revenue: 
Twelve Months Ended
(in millions)May 26, 2024May 28, 2023
Beginning balance$537.0 $521.1 
Acquired deferred gift card revenue61.8 — 
Activations753.7 701.3 
Redemptions and breakage(731.9)(685.4)
Ending balance$620.6 $537.0 
v3.24.2
IMPAIRMENTS AND DISPOSAL OF ASSETS, NET
 12 Months Ended
May 26, 2024
Asset Impairment Charges [Abstract]  
IMPAIRMENTS AND DISPOSAL OF ASSETS, NET IMPAIRMENTS AND DISPOSAL OF ASSETS, NET
Impairments and disposal of assets, net, in our accompanying consolidated statements of earnings are comprised of the following:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Restaurant impairments$0.3 $2.4 $6.8 
Disposal (gains) losses13.1 (15.1)(4.8)
Other(1.0)2.1 (4.0)
Impairments and disposal of assets, net$12.4 $(10.6)$(2.0)
Restaurant impairments and disposal losses for fiscal 2024 were related to the decision to close nine locations, sale of properties and the write-off of acquired Ruth’s Chris assets. Restaurant impairments for fiscal 2023 were primarily related to (i) one underperforming restaurant whose projected cash flows were not sufficient to cover its respective carrying values and (ii) four restaurant closures. Restaurant impairments for fiscal 2022 were primarily related to one underperforming restaurant whose projected cash flows were not sufficient to cover its respective carrying values and two underperforming restaurants that were permanently closed during 2022. Disposal gains for fiscal 2023 and 2022 are primarily related to sale of properties, sale-leasebacks, disposal of closed locations, and the sale of liquor licenses.
Other impacts for fiscal 2024 were related to right-of-use asset adjustments on early lease terminations, the write-off of capitalized software costs, and liquor license impairment. Other impacts for fiscal 2023 were primarily related to cancelled projects. Other impacts for fiscal 2022 were primarily related to the termination of lease liabilities in excess of the related right-of-use-assets.
Impairment charges were measured based on the amount by which the carrying amount of these assets exceeded their fair value. Fair value is generally determined based on appraisals or sales prices of comparable assets and estimates of discounted future cash flows (see Note 9). These amounts are included in impairments and disposal of assets, net as a component of earnings from continuing operations in the accompanying consolidated statements of earnings.
v3.24.2
LAND, BUILDINGS AND EQUIPMENT, NET
 12 Months Ended
May 26, 2024
Property, Plant and Equipment, Net [Abstract]  
LAND, BUILDINGS AND EQUIPMENT, NET LAND, BUILDINGS AND EQUIPMENT, NET
The components of land, buildings and equipment, net, are as follows:
(in millions)May 26, 2024May 28, 2023
Land$132.9 $134.0 
Buildings4,034.5 3,655.5 
Equipment2,345.4 2,094.5 
Assets under finance leases1,252.3 1,062.4 
Construction in progress179.1 200.7 
Total land, buildings and equipment$7,944.2 $7,147.1 
Less accumulated depreciation and amortization(3,613.9)(3,317.7)
Less amortization associated with assets under finance leases(146.0)(104.3)
Land, buildings and equipment, net$4,184.3 $3,725.1 
v3.24.2
SEGMENT INFORMATION
 12 Months Ended
May 26, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We manage our restaurant brands, Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, Ruth’s Chris, 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 Ruth’s Chris, 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 ongoing royalties and other fees from our franchise operations and contractually managed locations.

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 from our operating segments are allocated to the corporate level for restaurant expenses (which is a component of segment profit) and depreciation and amortization. Additionally, our lease-related right-of-use assets are not managed or evaluated at the operating segment level, but rather at the corporate level. For fiscal 2023, and 2022, restaurant and marketing expenses included approximately $0.2 million, and $9.0 million, respectively, of costs net of retention credits associated with the CARES Act, related to special team member and manager bonuses as well as emergency and furlough pay for restaurant employees due to COVID-19, reflected at the corporate level as they are costs for which our operating segments are not being evaluated.

The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP:

(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
At May 26, 2024 and for the year ended
Sales$5,067.0 $2,806.2 $1,291.5 $2,225.3 $— $11,390.0 
Restaurant and marketing expenses3,956.8 2,295.1 1,050.5 1,888.3 (66.4)9,124.3 
Segment profit$1,110.2 $511.1 $241.0 $337.0 $66.4 $2,265.7 
Depreciation and amortization$167.7 $75.8 $65.9 $102.5 $48.0 $459.9 
Impairments and disposal of assets, net0.2 0.7 — — 11.5 12.4 
Segment assets2,862.4 2,025.7 2,596.5 2,901.1 937.3 11,323.0 
Purchases of land, buildings and equipment260.7 127.4 118.1 97.9 (2.9)601.2 
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
At May 28, 2023 and for the year ended
Sales$4,877.8 $2,612.3 $830.8 $2,166.9 $— $10,487.8 
Restaurant and marketing expenses3,852.0 2,181.4 672.3 1,866.3 (49.3)8,522.7 
Segment profit$1,025.8 $430.9 $158.5 $300.6 $49.3 $1,965.1 
Depreciation and amortization$146.5 $67.7 $35.6 $96.8 $41.2 $387.8 
Impairments and disposal of assets, net— (3.3)— — (7.3)(10.6)
Segment assets2,835.5 1,978.3 1,345.4 2,968.9 1,113.4 10,241.5 
Purchases of land, buildings and equipment252.5 114.0 57.2 119.6 21.6 564.9 
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
At May 29, 2022 and for the year ended
Sales$4,503.9 $2,374.3 $776.2 $1,975.6 $— $9,630.0 
Restaurant and marketing expenses3,510.2 1,955.9 611.2 1,675.4 (24.5)7,728.2 
Segment profit$993.7 $418.4 $165.0 $300.2 $24.5 $1,901.8 
Depreciation and amortization$141.0 $64.7 $33.7 $98.1 $30.9 $368.4 
Impairments and disposal of assets, net4.9 0.1 — 1.6 (8.6)(2.0)
Purchases of land, buildings and equipment154.5 91.0 42.2 86.8 2.4 376.9 
Reconciliation of segment profit to earnings from continuing operations before income taxes:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Segment profit$2,265.7 $1,965.1 $1,901.8 
Less general and administrative expenses(479.2)(386.1)(373.2)
Less depreciation and amortization(459.9)(387.8)(368.4)
Less impairments and disposal of assets, net(12.4)10.6 2.0 
Less interest, net(138.7)(81.3)(68.7)
Earnings before income taxes$1,175.5 $1,120.5 $1,093.5 
v3.24.2
DEBT
 12 Months Ended
May 26, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The components of long-term debt are as follows:
(in millions)May 26, 2024May 28, 2023
3.850% senior notes due May 2027
$500.0 $500.0 
6.300% senior notes due October 2033
500.0 — 
6.000% senior notes due August 2035
96.3 96.3 
6.800% senior notes due October 2037
42.8 42.8 
4.550% senior notes due February 2048
300.0 300.0 
Total long-term debt$1,439.1 $939.1 
Fair value hedge(51.8)(45.4)
Less unamortized discount and issuance costs(16.9)(8.8)
Total long-term debt less unamortized discount and issuance costs$1,370.4 $884.9 

The aggregate contractual maturities of long-term debt for each of the five fiscal years subsequent to May 26, 2024, and thereafter are as follows:
(in millions)
Fiscal Year20252026202720282029Thereafter
Debt repayments$— $— $500.0 $— $— $939.1 
On October 23, 2023, we entered into a $1.25 billion Revolving Credit Agreement (Revolving Credit Agreement) with Bank of America, N.A. (BOA), as administrative agent, and the lenders and other agents party thereto. The Revolving Credit Agreement replaced our prior $1.0 billion Revolving Credit Agreement (Prior Revolving Credit Agreement), dated as of September 10, 2021, and the Prior Revolving Credit Agreement was terminated concurrently with our entry into the Revolving Credit Agreement. The Revolving Credit Agreement is a senior unsecured credit commitment to the Company and contains customary representations and affirmative and negative covenants (including limitations on liens and subsidiary debt and a maximum consolidated lease adjusted total debt to total capitalization ratio of 0.75 to 1.00) and events of default usual for credit facilities of this type, and consistent with our Prior Revolving Credit Agreement. As of May 26, 2024, we had no outstanding balances. As of May 26, 2024, $86.8 million of commercial paper was outstanding in addition to $0.6 million of letters of credit outstanding, which were both backed by this facility. After consideration of commercial paper and letters of credit backed by the Revolving Credit Agreement, as of May 26, 2024, we had $1.16 billion of credit available under the Revolving Credit Agreement.
Loans under the Revolving Credit Agreement bear interest at a rate of (a) Term SOFR (which is defined, for the applicable interest period, as the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of such interest period with a term equivalent to such interest period) plus a Term SOFR adjustment of 0.100 percent plus the relevant margin determined by reference to a ratings-based pricing grid (Applicable Margin), or (b) the base rate (which is defined as the highest of the BOA prime rate, the Federal Funds rate plus 0.500 percent, and the Term SOFR plus 1.000 percent) plus the relevant Applicable Margin. Assuming a “BBB” equivalent credit rating level, the Applicable Margin under the Revolving Credit Agreement is 1.000 percent for Term SOFR loans and 0.000 percent for base rate loans.
The Revolving Credit Agreement matures on October 23, 2028, and the proceeds may be used for working capital and capital expenditures, the refinancing of certain indebtedness, certain acquisitions and general corporate purposes.
On May 31, 2023, the Company also entered into a senior unsecured $600 million 3-year Term Loan Credit Agreement (Term Loan) with Bank of America, N.A., as administrative agent, the lenders and other agents party thereto, the material terms of which are consistent with the Revolving Credit Agreement, as amended. We borrowed $600 million under the Term Loan to fund a portion of the consideration paid in connection with the acquisition of Ruth’s Chris. The $600 million outstanding under the Term Loan was subsequently paid in full on October 10, 2023 with the $500 million proceeds from our 2033 Notes (as defined and discussed below) along with $100 million from cash on hand. The Term Loan was terminated on October 10, 2023 in connection with its payment in full and no amounts remain outstanding.
On October 10, 2023, the Company issued $500 million aggregate principal amount of our 6.300 percent Senior Notes due 2033 (the 2033 Notes) pursuant to the provisions of the Underwriting Agreement, dated October 4, 2023 (Underwriting Agreement), among the Company and BofA Securities, Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein. The 2033 Notes were issued under the Company’s Indenture, dated as of January 1, 1996 (Base Indenture), between the Company and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association, successor to Wells Fargo Bank Minnesota, National Association, formerly known as Norwest Bank Minnesota, National Association), as trustee (Base Trustee), as amended and supplemented by the Second Supplemental Indenture, dated as of October 4, 2023 (Second Supplemental Indenture), among the Company, the Base Trustee and U.S. Bank Trust Company, National Association, as successor trustee with respect to the 2033 Notes. The 2033 Notes will mature on October 10, 2033. Interest on the 2033 Notes will be paid semiannually in arrears on April 10 and October 10 of each year, commencing on April 10, 2024, to holders of record on the preceding March 26 or September 25, as the case may be.
The interest rate on our $42.8 million 6.800 percent senior notes due October 2037 is subject to adjustment from time to time if the debt rating assigned to such series of notes is downgraded below a certain rating level (or subsequently upgraded). The maximum adjustment is 2.000 percent above the initial interest rate and the interest rate cannot be reduced below the initial interest rate. As of May 26, 2024, no such adjustments are made to this rate.
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
May 26, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We 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, commodity and compensation risks inherent in our business operations. 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. 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 designate commodity contracts and equity forward contracts as cash flow hedging instruments. Our interest rate swap agreements are designated as fair value hedges of the related debt. Further, we entered into equity forward contracts to hedge the risk of changes in future cash flows associated with recognized, employee-directed investments in our common 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 our common stock investments in the non-qualified deferred compensation plan.
The notional and fair values of our derivative contracts are as follows:
Fair Values
(in millions, except
per share data)		Number of Shares OutstandingWeighted-Average
 Per Share Forward Rates		Notional ValuesDerivative Assets (1)Derivative Liabilities (1)
May 26, 2024May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Equity Forwards
Designated
0.2 $144.22 $27.1 $— $2.2 $0.8 $— 
Not designated
0.6 $132.06 $76.2 — 5.1 2.4 — 
Total equity forwards (2)$— $7.3 $3.2 $— 
Commodity contracts
     DesignatedN/AN/A$14.7 $0.1 $0.7 $5.6 
     Not designatedN/AN/A$— — — — — 
Total commodity contracts (3)$0.1 $— $0.7 $5.6 
Interest rate related
     DesignatedN/AN/A$300.0 $— $— $51.8 $45.4 
     Not designatedN/AN/A$— $— $— $— 
Total interest rate related$— $— $51.8 $45.4 
Total derivative contracts$0.1 $7.3 $55.7 $51.0 
(1)Derivative assets and liabilities are included in receivables, net, and other current liabilities, as applicable, on our consolidated balance sheets.
(2)Designated and undesignated equity forwards extend through July 2027.
(3)Commodity contracts extend through June 2025.

The effects of derivative instruments in cash flow hedging relationships in the consolidated statements of earnings are as follows:
Amount of Gain (Loss) Recognized in AOCIAmount of Gain (Loss) Reclassified from AOCI to Earnings
Fiscal Year EndedFiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022May 26, 2024May 28, 2023May 29, 2022
Equity (1)$(6.4)$8.0 $(7.9)$1.3 $(0.8)$0.8 
Commodity (2)(1.9)(9.2)2.4 (6.9)(3.1)1.9 
Interest rate (3)34.9 — — 2.2 (0.1)(0.1)
Total$26.6 $(1.2)$(5.5)$(3.4)$(4.0)$2.6 
(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 derivative instruments in fair value hedging relationships in the consolidated statements of earnings are as follows:

Amount of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Related Hedged Item
Fiscal Year EndedFiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022May 26, 2024May 28, 2023May 29, 2022
Interest rate (1)(2)$(6.4)$(17.4)$(27.8)$6.4 $17.4 $27.8 

(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)Fiscal Year Ended
Location of Gain (Loss) Recognized in Earnings on DerivativesMay 26, 2024May 28, 2023May 29, 2022
General and administrative expenses(3.1)18.3 (3.6)
Based on the fair value of our derivative instruments designated as cash flow hedges as of May 26, 2024, we expect to reclassify $3.0 million of net gains on derivative instruments from accumulated other comprehensive income (loss) to earnings during the next 12 months based on the maturity of equity forward, commodity, and interest rate contracts. However, the amounts ultimately realized in earnings will be dependent on the fair value of the contracts on the settlement dates.
v3.24.2
FAIR VALUE MEASUREMENTS
 12 Months Ended
May 26, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The fair values of cash equivalents, receivables, net, accounts payable and short-term debt approximate their carrying amounts due to their short duration.
The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis at May 26, 2024 and May 28, 2023:
Items Measured at Fair Value at May 26, 2024
(in millions)Fair Value
of Assets
(Liabilities)		Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Derivatives:
Commodities futures, swaps & options(1)$(0.6)$— $(0.6)$— 
Equity forwards(2)(3.2)— (3.2)— 
Interest rate swaps(3)(51.8)— (51.8)— 
Total$(55.6)$— $(55.6)$— 
Items Measured at Fair Value at May 28, 2023
(in millions)Fair Value
of Assets
(Liabilities)		Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable Inputs
    (Level 3)    
Derivatives:
Commodities futures, swaps & options(1)$(5.6)$— $(5.6)$— 
Equity forwards(2)7.3 — 7.3 — 
Interest rate swaps(3)(45.4)— (45.4)— 
Total$(43.7)$— $(43.7)$— 
(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 the risk of nonperformance.

The carrying value and fair value of long-term debt, as of May 26, 2024, was $1.37 billion. The carrying value and fair value of long-term debt as of May 28, 2023, was $884.9 million and $857.0 million, 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 generally determined based on third-party market appraisals which includes market data for similar assets. As of May 26, 2024 and May 28, 2023, 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.

The fair value of non-financial assets measured at fair value on a non-recurring basis, classified as Level 3 in the fair value hierarchy, is determined based on appraisals, sales prices of comparable assets, or estimates of discounted future cash flows. As of May 26, 2024, long-lived assets held and used with a carrying amount of $4.8 million, primarily related to three underperforming restaurants, were determined to have a fair value of $1.5 million resulting in an impairment charge of $3.3 million. As of May 28, 2023, long-lived assets held and used with a carrying amount of $10.0 million, primarily related to one underperforming restaurant, were determined to have a fair value of $8.4 million resulting in an impairment charge of $1.6 million.
v3.24.2
STOCKHOLDERS' EQUITY
 12 Months Ended
May 26, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Share Repurchase Program
All of the shares purchased during the fiscal year ended May 26, 2024 were purchased as part of our repurchase program authorized by our Board of Directors. On March 20, 2024, our Board of Directors authorized a new share repurchase program under which we may repurchase up to $1 billion of our outstanding common stock. This repurchase program, which was announced publicly in a press release issued on March 21, 2024, does not have an expiration date and replaced the prior share
repurchase authorization.

Share Retirements
As of May 26, 2024, of the 210.7 million cumulative shares repurchased under the current and previous authorizations, 199.3 million shares were retired and restored to authorized but unissued shares of common stock and there are no remaining treasury shares. We expect that all shares of common stock acquired in the future will also be retired and restored to authorized but unissued shares of common stock.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss), net of tax, are as follows:
(in millions)Foreign Currency Translation AdjustmentUnrealized Gains (Losses) on DerivativesBenefit Plan Funding PositionAccumulated Other Comprehensive Income (Loss)
Balances at May 29, 2022$4.8 $(0.4)$(6.3)$(1.9)
Gain (loss)(0.3)1.1 0.7 1.5 
Reclassification realized in net earnings— 3.2 0.4 3.6 
Balances at May 28, 2023$4.5 $3.9 $(5.2)$3.2 
Gain (loss)0.1 18.4 1.1 19.6 
Reclassification realized in net earnings— 2.2 0.6 2.8 
Balances at May 26, 2024$4.6 $24.5 $(3.5)$25.6 

The following table presents the amounts and line items in our consolidated statements of earnings where other adjustments reclassified from AOCI into net earnings were recorded:
Fiscal Year Ended
(in millions)
AOCI Components		Location of Gain (Loss) Recognized in EarningsMay 26,
2024		May 28,
2023
Derivatives
Commodity contracts
(1)$(6.9)$(3.1)
Equity contracts
(2)1.3 (0.8)
Interest rate contracts
(3)2.2 (0.1)
Total before tax$(3.4)$(4.0)
Tax benefit1.2 0.8 
Net of tax$(2.2)$(3.2)

Fiscal Year Ended
(in millions)
AOCI Components		Location of Gain (Loss) Recognized in EarningsMay 26,
2024		May 28,
2023
Benefit plan funding position
Pension/postretirement plans- actuarial losses(4)$(0.1)$(0.1)
Recognized net actuarial gain (loss) - other plans(5)(0.7)(0.7)
Total before tax$(0.8)$(0.8)
Tax benefit0.2 0.4 
Net of tax$(0.6)$(0.4)

(1)Primarily included in food and beverage costs and restaurant expenses. See Note 8 for additional details.
(2)Included in general and administrative expenses. See Note 8 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 other (income) expense, net, restaurant labor expenses and general and administrative expenses. See Note 14 for additional details.
(5)Included in the computation of net periodic benefit costs - other plans, which is a component of restaurant labor, and general and administrative expenses.
v3.24.2
LEASES
 12 Months Ended
May 26, 2024
Leases [Abstract]  
LEASES LEASES
The components of lease expense for continuing operations in the consolidated statements of earnings for the fiscal years ended May 26, 2024, May 28, 2023 and May 29, 2022 are as follows:
(in millions)May 26, 2024May 28, 2023May 29, 2022
Operating lease expense$404.6 $377.9 $372.0 
Finance lease expense
Amortization of leased assets48.1 41.2 29.6 
Interest on lease liabilities54.2 44.3 32.3 
Variable lease expense34.6 22.6 17.0 
Total lease expense$541.5 $486.0 $450.9 

The components of lease assets and liabilities on the consolidated balance sheet as of May 26, 2024 and May 28, 2023 are as follows:
(in millions)Balance Sheet ClassificationMay 26, 2024May 28, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$3,429.3 $3,373.9 
Finance lease right-of-use assetsLand, buildings and equipment, net1,106.3 958.1 
Total lease assets, net$4,535.6 $4,332.0 
Operating lease liabilities - currentOther current liabilities$198.8 $182.5 
Finance lease liabilities - currentOther current liabilities15.3 13.5 
Operating lease liabilities - non-currentOperating lease liabilities - non-current3,704.7 3,667.6 
Finance lease liabilities - non-currentOther liabilities1,357.1 1,172.6 
Total lease liabilities$5,275.9 $5,036.2 

Supplemental cash flow information related to leases for the fiscal years ended May 26, 2024, May 28, 2023 and May 29, 2022:
(in millions)May 26, 2024May 28, 2023May 29, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases (1)$397.2 $367.6 $374.6 
Operating cash flows from finance leases54.2 44.3 32.3 
Financing cash flows from finance leases (1) 22.0 19.8 12.9 
Right-of-use assets obtained in exchange for new operating lease liabilities (2)341.2 131.5 26.0 
Right-of-use assets obtained in exchange for new finance lease liabilities97.3 75.1 187.8 
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance49.8 86.3171.9
(1) Excludes cash received for any lease incentives.
(2) Right-of-use assets obtained in fiscal 2024 includes $303.4 million from the acquisition of Ruth’s Chris
The weighted-average remaining lease terms and discount rates as of May 26, 2024 and May 28, 2023 are as follows:
(in millions)May 26, 2024May 28, 2023
Weighted-Average Remaining Lease Term (Years)
   Operating leases14.815.2
   Finance leases22.222.5
Weighted-Average Discount Rate (1)
   Operating leases4.5 %4.3 %
   Finance leases4.4 %4.2 %
(1)We cannot determine the interest rate implicit in our leases. Therefore, the discount rate represents our incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to our corporate credit rating for a secured or collateralized instrument.

The annual maturities of our lease liabilities as of May 26, 2024 are as follows:
(in millions)
Fiscal YearOperating LeasesFinance Leases
2025410.1 86.2
2026413.2 89.6
2027417.2 91.2
2028408.9 92.8
2029391.8 94.5
Thereafter3,527.5 1,807.7 
Total future lease commitments (1)$5,568.7 $2,262.0 
Less imputed interest(1,665.2)(889.6)
Present value of lease liabilities (2)$3,903.5 $1,372.4 
(1)Of the $5,568.7 million of total future operating lease commitments and $2,262.0 million of total future finance lease commitments, $2,306.4 million and $723.3 million, respectively, are non-cancelable.
(2)Excludes approximately $171.0 million of net present value of lease payments related to 44 real estate leases signed, but not yet commenced.
LEASES LEASES
The components of lease expense for continuing operations in the consolidated statements of earnings for the fiscal years ended May 26, 2024, May 28, 2023 and May 29, 2022 are as follows:
(in millions)May 26, 2024May 28, 2023May 29, 2022
Operating lease expense$404.6 $377.9 $372.0 
Finance lease expense
Amortization of leased assets48.1 41.2 29.6 
Interest on lease liabilities54.2 44.3 32.3 
Variable lease expense34.6 22.6 17.0 
Total lease expense$541.5 $486.0 $450.9 

The components of lease assets and liabilities on the consolidated balance sheet as of May 26, 2024 and May 28, 2023 are as follows:
(in millions)Balance Sheet ClassificationMay 26, 2024May 28, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$3,429.3 $3,373.9 
Finance lease right-of-use assetsLand, buildings and equipment, net1,106.3 958.1 
Total lease assets, net$4,535.6 $4,332.0 
Operating lease liabilities - currentOther current liabilities$198.8 $182.5 
Finance lease liabilities - currentOther current liabilities15.3 13.5 
Operating lease liabilities - non-currentOperating lease liabilities - non-current3,704.7 3,667.6 
Finance lease liabilities - non-currentOther liabilities1,357.1 1,172.6 
Total lease liabilities$5,275.9 $5,036.2 

Supplemental cash flow information related to leases for the fiscal years ended May 26, 2024, May 28, 2023 and May 29, 2022:
(in millions)May 26, 2024May 28, 2023May 29, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases (1)$397.2 $367.6 $374.6 
Operating cash flows from finance leases54.2 44.3 32.3 
Financing cash flows from finance leases (1) 22.0 19.8 12.9 
Right-of-use assets obtained in exchange for new operating lease liabilities (2)341.2 131.5 26.0 
Right-of-use assets obtained in exchange for new finance lease liabilities97.3 75.1 187.8 
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance49.8 86.3171.9
(1) Excludes cash received for any lease incentives.
(2) Right-of-use assets obtained in fiscal 2024 includes $303.4 million from the acquisition of Ruth’s Chris
The weighted-average remaining lease terms and discount rates as of May 26, 2024 and May 28, 2023 are as follows:
(in millions)May 26, 2024May 28, 2023
Weighted-Average Remaining Lease Term (Years)
   Operating leases14.815.2
   Finance leases22.222.5
Weighted-Average Discount Rate (1)
   Operating leases4.5 %4.3 %
   Finance leases4.4 %4.2 %
(1)We cannot determine the interest rate implicit in our leases. Therefore, the discount rate represents our incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to our corporate credit rating for a secured or collateralized instrument.

The annual maturities of our lease liabilities as of May 26, 2024 are as follows:
(in millions)
Fiscal YearOperating LeasesFinance Leases
2025410.1 86.2
2026413.2 89.6
2027417.2 91.2
2028408.9 92.8
2029391.8 94.5
Thereafter3,527.5 1,807.7 
Total future lease commitments (1)$5,568.7 $2,262.0 
Less imputed interest(1,665.2)(889.6)
Present value of lease liabilities (2)$3,903.5 $1,372.4 
(1)Of the $5,568.7 million of total future operating lease commitments and $2,262.0 million of total future finance lease commitments, $2,306.4 million and $723.3 million, respectively, are non-cancelable.
(2)Excludes approximately $171.0 million of net present value of lease payments related to 44 real estate leases signed, but not yet commenced.
v3.24.2
ADDITIONAL FINANCIAL INFORMATION
 12 Months Ended
May 26, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ADDITIONAL FINANCIAL INFORMATION ADDITIONAL FINANCIAL INFORMATION
The tables below provide additional financial information related to our consolidated financial statements:
Balance Sheets
(in millions)May 26, 2024May 28, 2023
Receivables, net
Gift card sales
$41.8 $40.9 
Miscellaneous
37.7 39.6 
Allowance for doubtful accounts
(0.4)(0.3)
Total
$79.1 $80.2 
Other Current Liabilities
Non-qualified deferred compensation plan
$274.8 $252.4 
Sales and other taxes
104.2 96.8 
Insurance-related
44.8 42.1 
Employee benefits
55.1 42.5 
Accrued interest
20.2 16.0 
Lease liabilities - current
214.1 196.0 
Miscellaneous
134.0 106.7 
Total$847.2 $752.5 

Statements of Earnings
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Interest, net
Interest expense$93.5 $50.2 $40.9 
Imputed interest on finance leases54.2 44.3 32.3 
Capitalized interest
(4.5)(5.4)(2.6)
Interest income
(4.5)(7.8)(1.9)
Total$138.7 $81.3 $68.7 

Statements of Cash Flows
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Cash paid during the fiscal year for:
Interest, net of amounts capitalized$135.1 $82.4 $65.0 
Income taxes, net of refunds
$136.3 $47.4 $102.6 
Non-cash investing and financing activities:
Increase in land, buildings and equipment through accrued purchases
$40.0 $66.7 $48.2 
v3.24.2
INCOME TAXES
 12 Months Ended
May 26, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Total income tax expense (benefit) was allocated as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Earnings from continuing operations$145.0 $137.0 $138.8 
Loss from discontinued operations(1.7)(0.8)(0.2)
Total consolidated income tax expense (benefit)$143.3 $136.2 $138.6 

The components of earnings from continuing operations before income taxes and the provision for income taxes thereon are as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Earnings from continuing operations before income taxes:
U.S.$1,169.2 $1,117.3 $1,089.5 
Foreign6.3 3.2 4.0 
Earnings from continuing operations before income taxes$1,175.5 $1,120.5 $1,093.5 
Income taxes:
Current:
Federal$99.2 $165.9 $90.7 
State and local43.5 25.6 72.7 
Foreign3.0 1.6 1.4 
Total current$145.7 $193.1 $164.8 
Deferred (principally U.S.):
Federal$(0.7)$(69.2)$10.3 
State and local— 13.1 (36.3)
Total deferred$(0.7)$(56.1)$(26.0)
Total income tax expense$145.0 $137.0 $138.8 

The effective income tax rates for fiscal 2024 and 2023 for continuing operations were 12.3 percent and 12.2 percent, respectively. During fiscal 2024, we had income tax expense of $145.0 million on earnings before income tax of $1.18 billion compared to income tax expense of $137.0 million on earnings before income taxes of $1.12 billion in fiscal 2023. This change was primarily driven by the impact of state tax expense.
The Inflation Reduction Act (IRA) was enacted on August 16, 2022. The IRA includes provisions imposing a 1 percent excise tax on share repurchases that occur after December 31, 2022 and introduced a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income. The impact of the IRA excise tax and the CAMT are immaterial to our fiscal 2024 consolidated financial statements.
The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate from continuing operations included in the accompanying consolidated statements of earnings:
Fiscal Year Ended
May 26, 2024May 28, 2023May 29, 2022
U.S. statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal tax benefits3.3 3.1 2.5 
Benefit of federal income tax credits(10.5)(10.4)(9.8)
Stock-based compensation tax benefit(1.1)(0.9)(0.9)
Other, net(0.4)(0.6)(0.1)
Effective income tax rate12.3 %12.2 %12.7 %

As of May 26, 2024, we had estimated current prepaid state and federal income taxes of $11.8 million and $109.9 million, respectively, which is included on our accompanying consolidated balance sheets as prepaid income taxes and estimated current state and federal income taxes payable of $2.5 million and $3.6 million, respectively, which is included on our accompanying consolidated balance sheets as accrued income taxes.
As of May 26, 2024, we had unrecognized tax benefits of $22.7 million, which represents the aggregate tax effect of the differences between tax return positions and benefits recognized in our consolidated financial statements, all of which would favorably affect the effective tax rate if resolved in our favor. Included in the balance of unrecognized tax benefits at May 26, 2024, is $6.1 million related to tax positions for which it is reasonably possible that the total amounts could change during the next 12 months based on the outcome of examinations. Of the $6.1 million, $3.9 million relates to items that would impact our effective income tax rate.
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
(in millions)
Balances at May 28, 2023$23.0 
Additions related to current-year tax positions5.3 
Additions related to prior-year tax positions0.2 
Net reductions due to settlements with taxing authorities(2.7)
Reductions to tax positions due to statute expiration(3.1)
Balances at May 26, 2024$22.7 
Interest included in income tax expense in our consolidated statements of earnings is as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Interest recorded on unrecognized tax benefits$1.7 $2.2 $1.3 
Interest recorded on income tax receivables$(6.9)$(6.8)$(3.1)
Total (Benefit) Expense$(5.2)$(4.6)$(1.8)

At May 26, 2024, we had $3.2 million accrued for the payment of interest associated with unrecognized tax benefits.

For U.S. federal income tax purposes, we participate in the IRS’s Compliance Assurance Process (CAP), whereby our U.S. federal income tax returns are reviewed by the IRS both prior to and after their filing. Income tax returns are subject to audit by state and local governments, generally years after the returns are filed. These returns could be subject to material adjustments or differing interpretations of the tax laws. The major jurisdictions in which the Company files income tax returns include the U.S. federal jurisdiction, Canada, and all states in the U.S. that have an income tax. With a few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before fiscal 2023, and state and local, or non-U.S. income tax examinations by tax authorities for years before fiscal 2019.
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
(in millions)May 26, 2024May 28, 2023
Accrued liabilities$136.4 $117.2 
Compensation and employee benefits127.8 122.8 
Lease liabilities1,332.4 1,248.5 
Net operating loss, credit and charitable contribution carryforwards71.8 77.5 
Other1.0 4.3 
Gross deferred tax assets$1,669.4 $1,570.3 
Valuation allowance(26.8)(21.1)
Deferred tax assets, net of valuation allowance$1,642.6 $1,549.2 
Trademarks and other acquisition related intangibles(274.6)(184.2)
Buildings and equipment(373.5)(337.7)
Capitalized software and other assets(30.4)(26.0)
Lease assets(1,183.8)(1,129.5)
Other(12.3)(14.0)
Gross deferred tax liabilities$(1,874.6)$(1,691.4)
Net deferred tax liabilities$(232.0)$(142.2)

We have deferred tax assets of $32.3 million reflecting the benefit of state loss carryforwards, before federal benefit and valuation allowance, which expire at various dates between fiscal 2025 and fiscal 2042. We have deferred tax assets of $7.9 million of federal and $47.1 million state tax credits, before federal benefit and valuation allowance, which expire at various dates between fiscal 2025 and fiscal 2044. We have deferred tax assets of $1.5 million of state charitable contributions carryforwards, before federal benefit and valuation allowance, which expire at various dates between fiscal 2025 and fiscal 2029.

We have taken current and potential future expirations into consideration when evaluating the need for valuation allowances against these deferred tax assets. A valuation allowance for deferred tax assets is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent upon the generation of future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which our deferred tax assets are deductible, we believe it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances at May 26, 2024.
v3.24.2
RETIREMENT PLANS
 12 Months Ended
May 26, 2024
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
Defined Benefit Plan and Postretirement Benefit Plan

We sponsor a non-contributory postretirement benefit plan that provides health care benefits to certain eligible salaried retirees as a subsidy credit to a health care reimbursement account. This benefit is not impacted by future changes in health care cost trend rates.

We also sponsor a supplemental defined benefit pension plan, which is an unfunded nonqualified plan separate from our terminated primary pension plan which was settled in fiscal 2020. The supplemental plan is frozen and therefore no longer accruing benefits for participants.

Fundings related to the defined benefit pension plan and postretirement benefit plan, which are funded on a pay-as-you-go basis, were as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Defined benefit pension plans funding$0.4 $0.4 $0.4 
Postretirement benefit plan funding1.3 1.7 1.8 
We expect to contribute approximately $0.4 million to our remaining defined benefit pension plan and approximately $1.3 million to our postretirement benefit plan during fiscal 2025.
We are required to recognize the over- or under-funded status of the plans as an asset or liability as measured by the difference between the fair value of the plan assets and the benefit obligation and any unrecognized prior service costs and actuarial gains and losses as a component of accumulated other comprehensive income (loss), net of tax.
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 26, 2024 and May 28, 2023:
Defined Benefit PlanPostretirement Benefit Plan
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Change in Benefit Obligation:
Benefit obligation at beginning of period$3.7 $4.1 $15.4 $18.0 
Interest cost0.2 0.1 0.7 0.7 
Benefits paid(0.4)(0.5)(1.3)(1.7)
Actuarial (gain) loss— — (2.5)(1.6)
Benefit obligation at end of period $3.5 $3.7 $12.3 $15.4 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.3 1.7 
Benefits paid(0.4)(0.4)(1.3)(1.7)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.5)$(3.7)$(12.3)$(15.4)


The following is a detail of the balance sheet components of each of our plans and a reconciliation of the amounts included in accumulated other comprehensive income (loss):
Defined Benefit PlanPostretirement Benefit Plan
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Components of the Consolidated Balance Sheets:
Current liabilities$0.4 $0.4 $1.3 $1.6 
Noncurrent liabilities3.1 3.3 11.0 13.8 
Net amounts recognized$3.5 $3.7 $12.3 $15.4 
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Net actuarial gain (loss)(1.0)(1.1)1.8 — 
Net amounts recognized$(1.0)$(1.1)$1.8 $— 

The following is a summary of our accumulated and projected benefit obligations for our defined benefit plan:
(in millions)May 26, 2024May 28, 2023
Accumulated benefit obligation for all defined benefit plans$3.5 $3.7 
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation3.5 3.7 
Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets3.5 3.7 
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
  Defined Benefit PlanPostretirement Benefit Plan
May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Weighted-average assumptions used to determine benefit obligations (1)
Discount rate5.24 %4.87 %5.37 %5.07 %
Weighted-average assumptions used to determine net expense (2)
Discount rate4.87 %4.32 %5.07 %4.51 %
(1)Determined as of the end of fiscal year.
(2)Determined as of the beginning of fiscal year.
We set the discount rate assumption annually for each of the plans at their valuation dates to reflect the yield of high-quality fixed-income debt instruments, with lives that approximate the maturity of the plan benefits. Additionally, for our mortality assumption as of fiscal year end, we selected the most recent Pri-2012 mortality tables and MP-2021 mortality improvement scale to measure the benefit obligations.
Components of net periodic benefit cost included in earnings are as follows:
Defined Benefit PlanPostretirement Benefit Plan
Fiscal Year EndedFiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022May 26, 2024May 28, 2023May 29, 2022
Service cost$— $— $— $— $— $— 
Interest cost0.2 0.1 0.1 0.7 0.7 0.4 
Amortization of unrecognized prior service cost— — — — — — 
Recognized net actuarial loss0.1 0.1 0.1 — — 0.4 
Net pension and postretirement cost$0.3 $0.2 $0.2 $0.7 $0.7 $0.8 

The amortization of the net actuarial loss component of our fiscal 2025 net periodic benefit cost for the remaining defined benefit plan and postretirement benefit plan is expected to be approximately $0.1 million and $(0.2) million, respectively.  

The following benefit payments are expected to be paid between fiscal 2025 and fiscal 2033:
(in millions)Defined Benefit PlanPostretirement 
Benefit Plan
2025$0.4 $1.3 
20260.4 1.2 
20270.4 1.2 
20280.4 1.1 
20290.4 1.0 
2030-20341.5 4.5 

Defined Contribution Plan
We have a defined contribution (401(k)) plan (Darden Savings Plan) covering most employees age 18 and older. We match contributions for participants with at least one year of service up to 6 percent of compensation, based on our performance. The match ranges from a minimum of $0.25 to $1.20 for each dollar contributed by the participant. The Darden Savings Plan also provides for a profit sharing contribution for eligible participants equal to 1.5 percent of the participant’s compensation. The Darden Savings Plan had net assets of $1.4 billion at May 26, 2024, and $1.2 billion at May 28, 2023. Expense recognized in fiscal 2024, 2023 and 2022 was $45.6 million, $37.7 million and $49.0 million, respectively. Employees classified as “highly compensated” under the IRC are not eligible to participate in the Darden Savings Plan. Instead, highly compensated employees are eligible to participate in a separate non-qualified deferred compensation (FlexComp) plan. The FlexComp plan allows eligible employees to defer the payment of part of their annual salary and all or part of their annual bonus and provides for awards that
approximate the matching contributions that participants would have received had they been eligible to participate in the Darden Savings Plan, as well as an additional retirement contribution amount. Amounts payable to highly compensated employees under the FlexComp plan totaled $274.8 million and $252.4 million at May 26, 2024 and May 28, 2023, respectively. These amounts are included in other current liabilities on our accompanying consolidated balance sheets.
v3.24.2
STOCK-BASED COMPENSATION
 12 Months Ended
May 26, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
In September 2015, our shareholders approved the Darden Restaurants, Inc. 2015 Omnibus Incentive Plan (2015 Plan). All equity grants subject to FASB ASC Topic 718 after the date of approval are made under the 2015 Plan. No further equity grants after that date are permitted under the Darden Restaurants, Inc. 2002 Stock Incentive Plan, the RARE Hospitality International, Inc. Amended and Restated 2002 Long-Term Incentive Plan or any other prior stock option and/or stock grant plans (collectively, the Prior Plans). The 2015 Plan and the Prior Plans are administered by the Compensation Committee of the Board of Directors. The 2015 Plan provides for the issuance of up to 7.6 million common shares in connection with the granting of non-qualified stock options, restricted stock, restricted stock units (RSUs), performance-based restricted stock units (PRSUs) and other stock-based awards such as Darden stock units to employees, consultants and non-employee directors. As of May 26, 2024, approximately 0.1 million shares may be issued under outstanding awards that were granted under the Prior Plans and may still vest and be exercised in accordance with their terms.
Stock-based compensation expense included in continuing operations was as follows:  
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Stock options$6.8 $6.3 $6.6 
Restricted stock units8.6 7.4 7.5 
Darden stock units31.9 34.8 26.9 
Equity-settled performance-based restricted stock units16.1 14.3 15.3 
Employee stock purchase plan3.0 2.8 2.7 
Director compensation program/other2.1 1.9 1.5 
Total$68.5 $67.5 $60.5 
Excess income tax benefits related to the exercise of stock options and vesting of other equity-settled stock-based compensation recognized in income tax expense from continuing operations was as follows:  
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Income tax benefits$12.7 $6.5 $11.9 

The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes model to record stock-based compensation are as follows:
  
Granted in Fiscal Year Ended
May 26, 2024May 28, 2023May 29, 2022
Weighted-average fair value$55.56 $36.20 $41.02 
Dividend yield3.4 %3.8 %3.2 %
Expected volatility of stock42.2 %42.0 %39.6 %
Risk-free interest rate4.0 %2.8 %0.9 %
Expected option life (in years)5.95.96.3
Weighted-average exercise price per share$169.02 $121.47 $148.20 
The following table presents a summary of our stock option activity as of and for the year ended May 26, 2024:
  Options
(in millions)		Weighted-Average
Exercise Price
Per Share		Weighted-Average
Remaining
Contractual Life (Yrs)		Aggregate
Intrinsic Value
(in millions)
Outstanding beginning of period1.62$99.045.79$100.6
Options granted0.13169.02
Options exercised(0.40)80.07
Options canceled(0.01)148.77
Outstanding end of period1.34$111.085.68$51.6
Exercisable0.78$98.394.26$38.6

The total intrinsic value of options exercised during fiscal 2024, 2023 and 2022 was $33.6 million, $29.7 million and $41.5 million, respectively. Cash received from option exercises during fiscal 2024, 2023 and 2022 was $31.8 million, $24.2 million and $29.7 million, respectively. Stock options generally vest over 4 years and have a maximum contractual period of 10 years from the date of grant. We settle employee stock option exercises with authorized but unissued shares of Darden common stock.
As of May 26, 2024, there was $4.8 million of unrecognized compensation cost related to unvested stock options granted under our stock plans. This cost is expected to be recognized over a weighted-average period of 2.3 years. The total fair value of stock options that vested during fiscal 2024 was $6.8 million.
Restricted stock and RSUs are granted at a value equal to the market price of our common stock on the date of grant, and are amortized over their service periods which generally range from one to three years. Restrictions with regard to restricted stock and RSUs lapse at the end of their service periods at which time employees receive unrestricted shares of Darden stock.
The following table presents a summary of our RSU activity as of and for the fiscal year ended May 26, 2024:
  Shares
(in millions)		Weighted-Average
Grant Date Fair
Value Per Share
Outstanding beginning of period0.28$109.70
Shares granted0.08163.69
Shares vested(0.10)88.11
Shares canceled——
Outstanding end of period0.26$132.38

As of May 26, 2024, there was $8.0 million of unrecognized compensation cost related to unvested RSUs granted under our stock plans. This cost is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of RSUs that vested during fiscal 2024, 2023 and 2022 was $7.9 million, $6.6 million and $7.0 million, respectively.
Darden stock units are granted at a value equal to the market price of our common stock on the date of grant and will be settled in cash at the end of their vesting periods, which typically range from three to five years, at the then market price of our common stock. Compensation expense is measured based on the market price of our common stock each period, is amortized over the vesting period and the vested portion is carried as a liability on our accompanying consolidated balance sheets. We also enter into equity forward contracts to hedge the risk of changes in future cash flows associated with the unvested Darden stock units granted (see Note 8 for additional information).
The following table presents a summary of our Darden stock unit activity as of and for the fiscal year ended May 26, 2024:
(All units settled in cash)Units
(in millions)		Weighted-Average
Fair Value
Per Unit
Outstanding beginning of period0.81$161.28
Units granted0.16167.13
Units vested(0.17)168.85
Units canceled(0.04)131.00
Outstanding end of period0.76$147.60

As of May 26, 2024, our total Darden stock unit liability was $75.9 million, including $37.4 million recorded in other current liabilities and $38.5 million recorded in other liabilities on our consolidated balance sheets. As of May 28, 2023, our total Darden stock unit liability was $79.2 million, including $22.9 million recorded in other current liabilities and $56.3 million recorded in other liabilities on our consolidated balance sheets.

Based on the value of our common stock as of May 26, 2024, there was $29.9 million of unrecognized compensation cost related to Darden stock units granted under our incentive plans. This cost is expected to be recognized over a weighted-average period of 2.1 years but the amount that vests is ultimately dependent on the value of Darden stock at the vesting date. The total fair value of Darden stock units that vested during fiscal 2024 was $28.8 million.

Relative total shareholder return PRSUs are equity-settled awards that vest over the service period which ranges from three to four years, and the number of units that actually vest is determined based on the achievement of performance criteria set forth in the award agreement. The awards vest based on the achievement of market-based targets, are measured based on estimated fair value as of the date of grant using a Monte Carlo simulation, and are amortized over the service period. Additionally, under special circumstances, Darden grants equity-settled PRSUs which are earned based on specific performance criteria. These PRSUs are measured based on a value equal to the market price of our common stock on the date of grant, and are amortized over the service periods which generally range from three to four years.

The weighted-average grant date fair value of equity-settled PRSUs and the related assumptions used in the Monte Carlo simulation to record stock-based compensation are as follows:
  
Granted in Fiscal Year Ended
May 26, 2024May 28, 2023May 29, 2022
Dividend yield (1)0.0 %0.0 %0.0 %
Expected volatility of stock32.3 %55.5 %53.4 %
Risk-free interest rate4.5 %2.9 %0.4 %
Expected option life (in years)2.92.82.8
Weighted-average grant date fair value per unit$217.11 $137.73 $172.34 
(1)Assumes a reinvestment of dividends.
The following table presents a summary of our equity-settled PRSU activity as of and for the fiscal year ended May 26, 2024:
Units
(in millions)		Weighted-Average
Grant Date
Fair Value
Per Unit
Outstanding beginning of period0.36$123.45
Units granted0.09217.11
Units granted performance impact0.0783.46
Units vested(0.16)89.54
Units canceled(0.01)181.92
Outstanding end of period0.35$152.39

As of May 26, 2024, there was $9.8 million of unrecognized compensation cost related to unvested equity-settled PRSUs granted under our stock plans. This cost is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of equity-settled PRSUs that vested during fiscal 2024 was $13.6 million.
We maintain an Employee Stock Purchase Plan to provide eligible employees who have completed one year of service (excluding certain employees who are employed less than full time or own 5.0 percent or more of our capital stock or that of any subsidiary) an opportunity to invest up to $5.0 thousand per calendar quarter to purchase shares of our common stock, subject to certain limitations. Under the plan, up to an aggregate of 6.2 million shares are available for purchase by employees at a purchase price that is 85.0 percent of the fair market value of our common stock on either the first or last trading day of each calendar quarter, whichever is lower. Cash received from employees pursuant to the plan during fiscal 2024, 2023 and 2022 was $11.8 million, $11.2 million and $10.5 million, respectively. Shares issued to employees under the Employee Stock Purchase Plan during fiscal 2024, 2023 and 2022 were 0.1 million.
v3.24.2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
May 26, 2024
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 were contingently liable for guarantees of subsidiary obligations under standby letters of credit. At May 26, 2024 and May 28, 2023, we had $79.5 million and $85.3 million, respectively, of standby letters of credit related to workers’ compensation and general liabilities accrued in our consolidated financial statements. At May 26, 2024 and May 28, 2023, we had $16.8 million and $15.2 million, respectively, of surety bonds related to other payments. Most surety bonds are renewable annually.
At May 26, 2024 and May 28, 2023, we had $71.0 million and $82.0 million, respectively, of guarantees associated with leased properties that have been assigned to third parties, primarily related to the disposition of Red Lobster in fiscal 2015. These amounts represent the maximum potential amount of future payments under the guarantees. The fair value of the maximum potential payments discounted at our weighted-average cost of capital at May 26, 2024 and May 28, 2023, amounted to $57.7 million and $68.4 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. The liability recorded for our expected credit losses under these leases as of May 26, 2024 was $10.6 million. These guarantees expire over their respective lease terms, which range from fiscal 2025 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 infringement of, or challenges to, our trademarks. While the resolution of a lawsuit, proceeding or claim may have an impact on our financial results for the period in which it is resolved, we believe that the final disposition of the lawsuits, proceedings and claims in which we are currently involved, either individually or in the aggregate, will not have a material adverse effect on our financial position, results of operations or liquidity.
v3.24.2
SUBSEQUENT EVENTS
 12 Months Ended
May 26, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On July 17, 2024, we entered into an agreement to acquire all of the outstanding shares of Chuy’s Holdings, Inc.(Chuy’s Holdings), a Delaware corporation, for $37.50 per share in an all-cash transaction with an enterprise value of approximately $605 million. Chuy’s Holdings is the owner and operator of restaurants under the Chuy’s Fine Tex-Mex ® (Chuy’s) trademark. The transaction has been approved by our Board of Directors and is subject to the satisfaction of customary closing conditions, including, among others, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The acquisition is expected to be completed in the second quarter of fiscal 2025 and will be funded through one or more new debt issuances.
On June 19, 2024, the Board of Directors declared a cash dividend of $1.40 per share to be paid August 1, 2024 to all shareholders of record as of the close of business on July 10, 2024.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Pay vs Performance Disclosure      
Net earnings $ 1,027.6 $ 981.9 $ 952.8
v3.24.2
Insider Trading Arrangements
 3 Months Ended
May 26, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
Insider Trading Policies and Procedures
 12 Months Ended
May 26, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
May 26, 2024
Accounting Policies [Abstract]  
Basis of Presentation For fiscal 2024, 2023 and 2022, all gains and losses on disposition, impairment charges and disposal costs, along with the sales, costs and expenses and income taxes attributable to discontinued locations, have been aggregated in a single caption entitled “Losses from discontinued operations, net of tax benefit” in our consolidated statements of earnings for all periods presented.
Fiscal Year
Fiscal Year
We operate on a 52/53-week fiscal year, which ends on the last Sunday in May. Fiscal 2024, which ended May 26, 2024, consisted of 52 weeks. Fiscal 2023, which ended May 28, 2023, consisted of 52 weeks and fiscal 2022, which ended May 29, 2022, consisted of 52 weeks.
Use of Estimates
Use of Estimates
We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (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 expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents include highly liquid investments such as bank deposits and money market funds that have an original maturity of three months or less. Amounts receivable from credit card companies are also considered cash equivalents because they are both short term and highly liquid in nature and are typically converted to cash within three days of the sales transaction.
Receivables, Net
Receivables, Net
Receivables, net of the allowance for doubtful accounts, represent their estimated net realizable value. Provisions for doubtful accounts are recorded based on historical collection experience and the age of the receivables. Receivables are written off when they are deemed uncollectible. See Note 12 for additional information.
Inventories
Inventories
Inventories consist of food and beverages and are valued at the lower of weighted-average cost or net realizable value.
Land, Buildings and Equipment, Net
Land, Buildings and Equipment, Net
Land, buildings and equipment are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from 3 to 30 years using the straight-line method. Leasehold improvements, which are reflected on our consolidated balance sheets as a component of buildings in land, buildings and equipment, net, are amortized over the lesser of the expected lease term or the estimated useful lives of the related assets using the straight-line method. Equipment is depreciated over estimated useful lives ranging from 2 to 20 years also using the straight-line method. See Note 5 for additional information. Gains and losses on the disposal of land, buildings and equipment are included in impairments and disposal of assets, net, while the write-off of net book value associated with the replacement of equipment in the normal course of business is recorded as a component of restaurant expenses in our accompanying consolidated statements of earnings.
Capitalized Software Costs and Other Definite-Lived Intangibles
Capitalized Software Costs and Other Definite-Lived Intangibles
Capitalized software, which is a component of other assets, is recorded at cost less accumulated amortization. Capitalized software is amortized using the straight-line method over estimated useful lives ranging from 1 to 10 years. We have other definite-lived intangible assets, including assets related to the value of reacquired franchise rights resulting from our acquisitions that are included as a component of other assets and definite-lived intangible liabilities related to the value of below-market agreements resulting from our acquisitions that are included in other liabilities on our consolidated balance sheets. Definite-lived intangibles are amortized on a straight-line basis over estimated useful lives of 1 to 20 years.
Trust-Owned Life Insurance
Trust-Owned Life Insurance
We have a trust that purchased life insurance policies covering certain of our officers and other key employees (trust-owned life insurance or TOLI). The trust is the owner and sole beneficiary of the TOLI policies. The policies were purchased to offset a portion of our obligations under our non-qualified deferred compensation plan. The cash surrender value for each policy is included in other assets, while changes in cash surrender values are included in general and administrative expenses.
Liquor Licenses
Liquor Licenses
The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and included in other assets. Liquor licenses are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Annual liquor license renewal fees are expensed over the renewal term.
Goodwill and Intangible Assets Goodwill and Intangible Assets
We have ten reporting units, seven of which have goodwill and eight of which have trademarks. Goodwill and trademarks are not subject to amortization and have been assigned to reporting units for purposes of impairment testing. The reporting units are our restaurant brands. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. We review our goodwill and trademarks for impairment annually, as of the first day of our fourth fiscal quarter, or more frequently if indicators of impairment exist.

During fiscal 2024, we elected to perform a qualitative assessment for our annual review of goodwill and trademarks to determine whether or not indicators of impairment exist. In considering the qualitative approach related to goodwill, we evaluated factors including, but not limited to, macro-economic conditions, market and industry conditions, commodity cost fluctuations, competitive environment, share price performance, results of prior impairment tests, operational stability, the overall financial performance of the reporting units and the impacts of discount rates. As it relates to trademarks, we evaluate similar factors from the goodwill assessment, in addition to impacts of royalty rates. As a result of the qualitative assessment, no indicators of impairment were identified, and no additional indicators of impairment were identified through the end of our fourth fiscal quarter that would require us to test further for impairment.

We evaluate the useful lives of our other intangible assets to determine if they are definite or indefinite-lived. A determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, legislative action that results in an uncertain or changing regulatory environment and expected changes in distribution channels), the level of required maintenance expenditures and the expected lives of other related groups of assets.
Impairment or Disposal of Long-Lived Assets
Impairment or Disposal of Long-Lived Assets
Land, buildings and equipment, operating lease right-of-use assets and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If such assets are determined to be impaired, the recognized impairment is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined based on appraisals, sales prices of comparable assets or discounted future net cash flows expected to be generated by the assets. Restaurant sites and certain other assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell, and are included in assets held for sale on our consolidated balance sheets when certain criteria are met. These criteria include, among other factors, the requirement that the likelihood of disposing of these assets within one year is probable. Assets not meeting the “held for sale” criteria remain in land, buildings and equipment until their disposal is probable within one year.
We account for exit or disposal activities, including restaurant closures, in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 420, Exit or Disposal Cost Obligations. Such costs include the cost of disposing of the assets as well as other facility-related expenses from previously closed restaurants. These costs are generally expensed as incurred. See Note 4 for additional information. For restaurants operated under non-cancellable leases, on the date we commit to a plan to either abandon the related right-of-use (ROU) asset or sublease the underlying asset, we evaluate the ROU asset for potential impairment and determine the go-forward accounting based on the requirements in FASB ASC Topic 842, Leases.
Insurance Accruals
Insurance Accruals
Through the use of insurance program deductibles and self-insurance, we retain a significant portion of expected losses under our workers’ compensation and general liability programs. Accrued liabilities have been recorded based on our estimates of the anticipated ultimate costs to settle all claims, both reported and not yet reported.
Revenue Recognition and Unearned Revenues
Revenue Recognition
Sales, as presented in our consolidated statements of earnings, includes the sale of food and beverage products, royalties from our franchised restaurants and royalties from the sale of consumer product goods. Revenue from restaurant sales is recognized when food and beverage products are sold and is presented net of discounts, coupons, employee meals and complimentary meals. Revenue is presented net of sales tax. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.
Franchise royalties, which are a percentage of net sales of franchised restaurants, are recognized as revenue in the period the related sales occur. Revenue from area development and franchise fees are recognized as the performance obligations are satisfied over the term of the franchise agreement, which is generally 10 years. Advertising contributions, which are a percentage of net sales of franchised restaurants, are recognized in the period the related sales occur. Additionally, franchisee purchases of our inventory through our distribution network are recognized as revenue in the period the purchases are made.
Revenue from the sale of consumer packaged goods includes ongoing royalty fees based on a percentage of licensed retail product sales and is recognized upon the sale of product by our licensed manufacturers to retail outlets.
Unearned Revenues
Unearned revenues primarily represent our liability for gift cards that have been sold but not yet redeemed. We recognize sales from our gift cards when the gift card is redeemed by the customer. Although there are no expiration dates or dormancy fees for our gift cards, based on our analysis of our historical gift card redemption patterns, we can reasonably estimate the amount of gift cards for which redemption is remote, which is referred to as “breakage.” We recognize breakage within sales for unused gift card amounts in proportion to actual gift card redemptions. The estimated value of gift cards expected to remain unused is recognized over the expected period of redemption as the remaining gift card values are redeemed, generally over a period of 12 years. Utilizing this method, we estimate both the amount of breakage and the time period of redemption. If actual redemption patterns vary from our estimates, actual gift card breakage income may differ from the amounts recorded. We update our estimates of our redemption period and our breakage rate periodically and apply that rate prospectively to gift card redemptions. Discounts for gift cards sold by third parties are recorded to unearned revenues and are recognized as a reduction to sales over a period that approximates redemption patterns.
Food and Beverage Costs
Food and Beverage Costs
Food and beverage costs include inventory, warehousing, related purchasing and distribution costs, and gains and losses on certain commodity derivative contracts. Vendor allowances received in connection with the purchase of a vendor’s products are
recognized as a reduction of the related food and beverage costs as earned. For certain contracts, advance payments are made by the vendors based on estimates of volume to be purchased from the vendors and the terms of the agreement. As we make purchases from the vendors each period, we recognize the pro rata portion of allowances earned as a reduction of food and beverage costs for that period. Differences between estimated and actual purchases are settled in accordance with the terms of the agreements. Vendor agreements are generally for a period of one year or more and payments received are initially recorded as long-term liabilities. Amounts expected to be earned within one year are recorded as current liabilities.
Income Taxes
Income Taxes
We provide for federal and state income taxes currently payable as well as for those deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits are recorded as a reduction of income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Interest recognized on reserves for uncertain tax positions is included in income tax expense in our consolidated statements of earnings. A corresponding liability for accrued interest is included as a component of other current liabilities on our consolidated balance sheets. Penalties, when incurred, are recognized in general and administrative expenses.
FASB ASC Topic 740, Income Taxes, requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not (i.e., a likelihood of more than 50 percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as required by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. We use financial and commodities derivatives to manage interest rate, compensation and commodities pricing risks inherent in our business operations. Our use of derivative instruments is currently limited to interest rate hedges, equity forward contracts and commodity swaps. These instruments are generally structured as hedges of the variability of cash flows related to forecasted transactions (cash flow hedges). However, we do at times enter into instruments designated as fair value hedges to reduce our exposure to changes in fair value of the related hedged item. We do not enter into derivative instruments for trading or speculative purposes, where changes in the cash flows or fair value of the derivative are not expected to offset changes in cash flows or fair value of the hedged item. However, we have entered into equity forwards to economically hedge changes in the fair value of employee investments in our non-qualified deferred compensation plan. All derivatives are recognized on the balance sheet at fair value. For those derivative instruments for which we intend to elect hedge accounting, on the date the derivative contract is entered into, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the consolidated balance sheet or to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.
To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria required by FASB ASC Topic 815, 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. Ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period in which it occurs. To the extent our derivatives are effective in mitigating changes in fair value, and otherwise meet the fair value hedge accounting criteria required by FASB ASC Topic 815, gains and losses in the derivatives’ fair value are included in current earnings, as are the gains and losses of the related hedged item. To the extent the 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.
Leases
Leases
The majority of our restaurant locations, as well as our restaurant support center, are subject to a lease. We evaluate our leases at the commencement of the lease to determine the classification as an operating or finance lease. Upon adoption of FASB ASC Topic 842, we recognized operating and finance lease liabilities based on the present value of minimum lease payments over the remaining expected lease term and corresponding right-of-use assets. We recognize lease expense related to operating leases
on a straight-line basis. Amortization expense and interest expense related to finance leases are included in depreciation and amortization and interest, net, respectively, in our consolidated statements of earnings. Sale-leasebacks are transactions through which we sell assets (such as restaurant properties) at fair value and subsequently lease them back. The resulting leases qualify and are accounted for as operating leases. Failed sale-leaseback transactions are generally classified as finance leases and result in retention of the “sold” assets within land, buildings and equipment with a finance lease liability equal to the amount of proceeds received recorded as a component of other liabilities on our consolidated balance sheets.
Within the provisions of certain of our leases, there are rent holidays and escalations in payments over the base lease term, as well as renewal periods. The effects of the holidays and escalations have been reflected in lease expense on a straight-line basis for operating leases over the expected lease term. The lease term commences on the date when we have the right to control the use of the leased property, which is typically before lease payments are due under the terms of the lease. Many of our leases have renewal periods totaling 5 to 20 years, exercisable at our option, and require payment of property taxes, insurance and maintenance costs in addition to the lease payments. At lease inception, we include option periods that we are reasonably certain to exercise as failure to renew the lease would impose an economic penalty either from the loss of our investment in leasehold improvements or future cash flows from operating the restaurant. The consolidated financial statements reflect the same lease term for amortizing leasehold improvements as we use to determine finance versus operating lease classifications. Variable lease expense is generally based on sales levels and is accrued at the point in time we determine that it is probable that such sales levels will be achieved. Landlord allowances are recorded as an adjustment to the right-of-use assets. Gains and losses on sale-leaseback transactions are recognized immediately. We elected the practical expedient to not separate lease and non-lease components for real estate leases entered into after adoption.
Pre-Opening Expenses
Pre-Opening Expenses
Non-capital expenditures associated with opening new restaurants are expensed as incurred. These costs are reported as restaurant expenses in our consolidated statements of earnings.
Advertising
Advertising
Production costs of commercials are expensed in the fiscal period the advertising is first aired while the costs of programming and other advertising, promotion and marketing programs are expensed as incurred. These costs are reported as marketing expenses in our consolidated statements of earnings.
Stock-Based Compensation
Stock-Based Compensation
We recognize the cost of employee service received in exchange for awards of equity instruments based on the grant date fair value of those awards. We recognize compensation expense, net of estimated forfeitures, on a straight-line basis over the employee service period for awards granted. We utilize the Black-Scholes option pricing model to estimate the fair value of stock option awards. The dividend yield has been estimated based upon our historical results and expectations for changes in dividend rates. The expected volatility was determined using historical stock prices. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term approximating the expected life of each grant. The expected life was estimated based on the exercise history of previous grants, taking into consideration the remaining contractual period for outstanding awards. We utilize a Monte Carlo simulation to estimate the fair value of our market-based equity-settled performance awards. The dividend yield assumes reinvestment of dividends. The expected volatility was determined using historical stock prices. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term approximating the expected life of each grant. The expected life was estimated based on the performance measurement period for outstanding awards.
Net Earnings per Share
Net Earnings per Share
Basic net earnings per share are computed by dividing net earnings by the weighted-average number of common shares outstanding for the reporting period. Diluted net earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Outstanding stock options, restricted stock units and equity-settled performance stock units granted by us represent the only dilutive effect reflected in diluted weighted-average shares outstanding. These stock-based compensation instruments do not impact the numerator of the diluted net earnings per share computation.
Foreign Currency
Foreign Currency
The Canadian dollar is the functional currency for our Canadian restaurant operations. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations are translated using the average exchange rates prevailing throughout the period. Translation gains and losses are reported as a separate component of other comprehensive income (loss).
Recently Issued Accounting Standards Not Yet Adopted
Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. We plan to adopt in the fourth quarter of fiscal 2025.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendment also provides further disclosure comparability. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. We plan to adopt in fiscal 2026.
In March 2024, the U.S. Securities and Exchange Commission (SEC) adopted its final rules intended to enhance and standardize climate-related disclosures in registration statements and annual reports. The new rules will require disclosure of material climate-related risks, including disclosure of Board of Directors’ oversight and risk management activities, the material impacts of these risks to the Company and the quantification of material impacts to the Company as a result of severe weather events and other natural conditions. The rules also require disclosure of material greenhouse gas emissions and any material climate-rated targets and goals. The new rules will be effective for annual reporting periods beginning in fiscal year 2026, except for the greenhouse gas emissions disclosures which will be effective for annual reporting periods beginning in fiscal year 2027. On April 4, 2024, the SEC issued a voluntary stay on its final rules pending multiple legal challenges. The Company is currently evaluating the impact of these new rules.
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
May 26, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The components of cash and cash equivalents are as follows:
(in millions)May 26, 2024May 28, 2023
Short-term investments$2.8 $185.6 
Credit card receivables153.0 142.3 
Depository accounts39.0 39.9 
Total cash and cash equivalents$194.8 $367.8 
Schedule of Depreciation And Amortization Expense From Continuing Operations Depreciation and amortization expense from continuing operations associated with buildings and equipment and losses on replacement of equipment were as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Depreciation and amortization on buildings and equipment$435.1 $367.4 $346.7 
Losses on replacement of equipment3.0 2.2 2.1 
Schedule of Capitalized Software Costs And Related Accumulated Amortization The cost of capitalized software and related accumulated amortization was as follows:
(in millions)May 26, 2024May 28, 2023
Capitalized software$292.2 $263.8 
Accumulated amortization(216.5)(196.8)
Capitalized software, net of accumulated amortization$75.7 $67.0 
Schedule of Costs And Accumulated Amortization Of Acquired Definite-Lived Intangible Assets The cost and related accumulated amortization was as follows:
(in millions)May 26, 2024May 28, 2023
Definite-lived intangible assets$30.7 $23.8 
Accumulated amortization(14.5)(12.5)
Definite-lived intangible assets, net of accumulated amortization$16.2 $11.3 
Definite-lived intangible liabilities$(3.0)$(3.0)
Accumulated amortization2.1 1.8 
Definite-lived intangible liabilities, net of accumulated amortization$(0.9)$(1.2)
Schedule of Amortization Expense Associated With Capitalized Software And Other Definite Lived Intangibles
Amortization expense from continuing operations associated with capitalized software and other definite-lived intangibles included in depreciation and amortization in our accompanying consolidated statements of earnings was as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Amortization expense - capitalized software$22.9 $18.6 $19.7 
Amortization expense - other definite-lived intangibles1.9 1.8 2.0 
Schedule of Goodwill And Trademark Balances
Our goodwill and trademark balances are allocated as follows:
GoodwillTrademarks
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Olive Garden $30.2 $30.2 $0.7 $0.7 
LongHorn Steakhouse49.3 49.3 307.8 307.8 
Cheddar’s Scratch Kitchen165.1 165.1 230.1 230.1 
Ruth’s Chris353.6 — 341.7 — 
Yard House369.2 369.2 109.3 109.3 
The Capital Grille401.6 401.6 147.4 147.4 
Seasons 52— — 0.5 0.5 
Eddie V’s22.0 22.0 10.5 10.5 
Total$1,391.0 $1,037.4 $1,148.0 $806.3 
Schedule of Basic And Diluted Earnings Per Common Share
The following table presents the computation of basic and diluted net earnings per common share:
Fiscal Year Ended
(in millions, except per share data)May 26, 2024May 28, 2023May 29, 2022
Earnings from continuing operations$1,030.5 $983.5 $954.7 
Losses from discontinued operations(2.9)(1.6)(1.9)
Net earnings$1,027.6 $981.9 $952.8 
Weighted average common shares outstanding – Basic119.9 121.9 127.8 
Effect of dilutive stock-based compensation0.9 1.0 1.2 
Weighted average common shares outstanding – Diluted120.8 122.9 129.0 
Basic net earnings per share:
Earnings from continuing operations$8.59 $8.07 $7.47 
Losses from discontinued operations(0.02)(0.01)(0.01)
Net earnings$8.57 $8.06 $7.46 
Diluted net earnings per share:
Earnings from continuing operations$8.53 $8.00 $7.40 
Losses from discontinued operations(0.02)(0.01)(0.01)
Net earnings$8.51 $7.99 $7.39 
Schedule of Restricted Stock And Options To Purchase Shares Of Common Stock Excluded From Calculation Of Diluted Earnings Per Share
Stock options, restricted stock units 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:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Anti-dilutive stock-based compensation awards0.1 0.3 0.1 
v3.24.2
ACQUISITION OF RUTH’S CHRIS STEAK HOUSE (Tables)
 12 Months Ended
May 26, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Preliminary Allocation of the Purchase Price
The final allocation of the purchase price is as follows:
Balances atBalances at
(in millions)June 14, 2023AdjustmentsMay 26, 2024
Cash$24.7 $— $24.7 
Other current assets20.9 (0.7)20.2 
Land, buildings and equipment170.5 (26.7)143.8 
Operating lease right-of-use assets291.6 11.8 303.4 
Goodwill339.5 14.1 353.6 
Trademark341.7 — 341.7 
Other assets12.0 12.4 24.4 
     Total assets acquired$1,200.9 $10.9 $1,211.8 
Current liabilities113.5 (3.8)109.7 
Deferred income taxes79.5 2.4 81.9 
Operating lease liabilities - non-current276.3 11.4 287.7 
Other liabilities7.0 (0.3)6.7 
     Total liabilities assumed$476.3 $9.7 $486.0 
Net assets acquired$724.6 $1.2 $725.8 
v3.24.2
REVENUE RECOGNITION (Tables)
 12 Months Ended
May 26, 2024
Revenue from Contract with Customer [Abstract]  
Contract with Customer
Deferred revenue liabilities from contracts with customers included on our accompanying consolidated balance sheets is comprised of the following:
(in millions)May 26, 2024May 28, 2023
Unearned revenues
Deferred gift card revenue$620.6 $537.0 
Deferred gift card discounts(29.5)(25.5)
Other0.7 0.5 
Total$591.8 $512.0 
Other liabilities
Deferred franchise fees - non-current$4.9 $2.7 
The following table presents a rollforward of deferred gift card revenue: 
Twelve Months Ended
(in millions)May 26, 2024May 28, 2023
Beginning balance$537.0 $521.1 
Acquired deferred gift card revenue61.8 — 
Activations753.7 701.3 
Redemptions and breakage(731.9)(685.4)
Ending balance$620.6 $537.0 
v3.24.2
IMPAIRMENTS AND DISPOSAL OF ASSETS, NET (Tables)
 12 Months Ended
May 26, 2024
Asset Impairment Charges [Abstract]  
Impairments and Disposal of Assets
Impairments and disposal of assets, net, in our accompanying consolidated statements of earnings are comprised of the following:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Restaurant impairments$0.3 $2.4 $6.8 
Disposal (gains) losses13.1 (15.1)(4.8)
Other(1.0)2.1 (4.0)
Impairments and disposal of assets, net$12.4 $(10.6)$(2.0)
v3.24.2
LAND, BUILDINGS AND EQUIPMENT, NET (Tables)
 12 Months Ended
May 26, 2024
Property, Plant and Equipment, Net [Abstract]  
Components Of Land, Buildings And Equipment, Net
The components of land, buildings and equipment, net, are as follows:
(in millions)May 26, 2024May 28, 2023
Land$132.9 $134.0 
Buildings4,034.5 3,655.5 
Equipment2,345.4 2,094.5 
Assets under finance leases1,252.3 1,062.4 
Construction in progress179.1 200.7 
Total land, buildings and equipment$7,944.2 $7,147.1 
Less accumulated depreciation and amortization(3,613.9)(3,317.7)
Less amortization associated with assets under finance leases(146.0)(104.3)
Land, buildings and equipment, net$4,184.3 $3,725.1 
v3.24.2
SEGMENT INFORMATION (Tables)
 12 Months Ended
May 26, 2024
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 GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
At May 26, 2024 and for the year ended
Sales$5,067.0 $2,806.2 $1,291.5 $2,225.3 $— $11,390.0 
Restaurant and marketing expenses3,956.8 2,295.1 1,050.5 1,888.3 (66.4)9,124.3 
Segment profit$1,110.2 $511.1 $241.0 $337.0 $66.4 $2,265.7 
Depreciation and amortization$167.7 $75.8 $65.9 $102.5 $48.0 $459.9 
Impairments and disposal of assets, net0.2 0.7 — — 11.5 12.4 
Segment assets2,862.4 2,025.7 2,596.5 2,901.1 937.3 11,323.0 
Purchases of land, buildings and equipment260.7 127.4 118.1 97.9 (2.9)601.2 
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
At May 28, 2023 and for the year ended
Sales$4,877.8 $2,612.3 $830.8 $2,166.9 $— $10,487.8 
Restaurant and marketing expenses3,852.0 2,181.4 672.3 1,866.3 (49.3)8,522.7 
Segment profit$1,025.8 $430.9 $158.5 $300.6 $49.3 $1,965.1 
Depreciation and amortization$146.5 $67.7 $35.6 $96.8 $41.2 $387.8 
Impairments and disposal of assets, net— (3.3)— — (7.3)(10.6)
Segment assets2,835.5 1,978.3 1,345.4 2,968.9 1,113.4 10,241.5 
Purchases of land, buildings and equipment252.5 114.0 57.2 119.6 21.6 564.9 
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
At May 29, 2022 and for the year ended
Sales$4,503.9 $2,374.3 $776.2 $1,975.6 $— $9,630.0 
Restaurant and marketing expenses3,510.2 1,955.9 611.2 1,675.4 (24.5)7,728.2 
Segment profit$993.7 $418.4 $165.0 $300.2 $24.5 $1,901.8 
Depreciation and amortization$141.0 $64.7 $33.7 $98.1 $30.9 $368.4 
Impairments and disposal of assets, net4.9 0.1 — 1.6 (8.6)(2.0)
Purchases of land, buildings and equipment154.5 91.0 42.2 86.8 2.4 376.9 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Reconciliation of segment profit to earnings from continuing operations before income taxes:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Segment profit$2,265.7 $1,965.1 $1,901.8 
Less general and administrative expenses(479.2)(386.1)(373.2)
Less depreciation and amortization(459.9)(387.8)(368.4)
Less impairments and disposal of assets, net(12.4)10.6 2.0 
Less interest, net(138.7)(81.3)(68.7)
Earnings before income taxes$1,175.5 $1,120.5 $1,093.5 
v3.24.2
DEBT (Tables)
 12 Months Ended
May 26, 2024
Debt Disclosure [Abstract]  
Schedule of Components of Long-Term Debt
The components of long-term debt are as follows:
(in millions)May 26, 2024May 28, 2023
3.850% senior notes due May 2027
$500.0 $500.0 
6.300% senior notes due October 2033
500.0 — 
6.000% senior notes due August 2035
96.3 96.3 
6.800% senior notes due October 2037
42.8 42.8 
4.550% senior notes due February 2048
300.0 300.0 
Total long-term debt$1,439.1 $939.1 
Fair value hedge(51.8)(45.4)
Less unamortized discount and issuance costs(16.9)(8.8)
Total long-term debt less unamortized discount and issuance costs$1,370.4 $884.9 
Schedule of Maturities of Long-term Debt
The aggregate contractual maturities of long-term debt for each of the five fiscal years subsequent to May 26, 2024, and thereafter are as follows:
(in millions)
Fiscal Year20252026202720282029Thereafter
Debt repayments$— $— $500.0 $— $— $939.1 
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
May 26, 2024
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
per share data)		Number of Shares OutstandingWeighted-Average
 Per Share Forward Rates		Notional ValuesDerivative Assets (1)Derivative Liabilities (1)
May 26, 2024May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Equity Forwards
Designated
0.2 $144.22 $27.1 $— $2.2 $0.8 $— 
Not designated
0.6 $132.06 $76.2 — 5.1 2.4 — 
Total equity forwards (2)$— $7.3 $3.2 $— 
Commodity contracts
     DesignatedN/AN/A$14.7 $0.1 $0.7 $5.6 
     Not designatedN/AN/A$— — — — — 
Total commodity contracts (3)$0.1 $— $0.7 $5.6 
Interest rate related
     DesignatedN/AN/A$300.0 $— $— $51.8 $45.4 
     Not designatedN/AN/A$— $— $— $— 
Total interest rate related$— $— $51.8 $45.4 
Total derivative contracts$0.1 $7.3 $55.7 $51.0 
(1)Derivative assets and liabilities are included in receivables, net, and other current liabilities, as applicable, on our consolidated balance sheets.
(2)Designated and undesignated equity forwards extend through July 2027.
(3)Commodity contracts extend through June 2025.
Effects of Derivative Instruments in Hedging Relationships
The effects of derivative instruments in cash flow hedging relationships in the consolidated statements of earnings are as follows:
Amount of Gain (Loss) Recognized in AOCIAmount of Gain (Loss) Reclassified from AOCI to Earnings
Fiscal Year EndedFiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022May 26, 2024May 28, 2023May 29, 2022
Equity (1)$(6.4)$8.0 $(7.9)$1.3 $(0.8)$0.8 
Commodity (2)(1.9)(9.2)2.4 (6.9)(3.1)1.9 
Interest rate (3)34.9 — — 2.2 (0.1)(0.1)
Total$26.6 $(1.2)$(5.5)$(3.4)$(4.0)$2.6 
(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 derivative instruments in fair value hedging relationships in the consolidated statements of earnings are as follows:

Amount of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Related Hedged Item
Fiscal Year EndedFiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022May 26, 2024May 28, 2023May 29, 2022
Interest rate (1)(2)$(6.4)$(17.4)$(27.8)$6.4 $17.4 $27.8 

(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)Fiscal Year Ended
Location of Gain (Loss) Recognized in Earnings on DerivativesMay 26, 2024May 28, 2023May 29, 2022
General and administrative expenses(3.1)18.3 (3.6)
v3.24.2
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
May 26, 2024
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 at May 26, 2024 and May 28, 2023:
Items Measured at Fair Value at May 26, 2024
(in millions)Fair Value
of Assets
(Liabilities)		Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Derivatives:
Commodities futures, swaps & options(1)$(0.6)$— $(0.6)$— 
Equity forwards(2)(3.2)— (3.2)— 
Interest rate swaps(3)(51.8)— (51.8)— 
Total$(55.6)$— $(55.6)$— 
Items Measured at Fair Value at May 28, 2023
(in millions)Fair Value
of Assets
(Liabilities)		Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable Inputs
    (Level 3)    
Derivatives:
Commodities futures, swaps & options(1)$(5.6)$— $(5.6)$— 
Equity forwards(2)7.3 — 7.3 — 
Interest rate swaps(3)(45.4)— (45.4)— 
Total$(43.7)$— $(43.7)$— 
(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 the risk of nonperformance.
v3.24.2
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
May 26, 2024
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss), net of tax, are as follows:
(in millions)Foreign Currency Translation AdjustmentUnrealized Gains (Losses) on DerivativesBenefit Plan Funding PositionAccumulated Other Comprehensive Income (Loss)
Balances at May 29, 2022$4.8 $(0.4)$(6.3)$(1.9)
Gain (loss)(0.3)1.1 0.7 1.5 
Reclassification realized in net earnings— 3.2 0.4 3.6 
Balances at May 28, 2023$4.5 $3.9 $(5.2)$3.2 
Gain (loss)0.1 18.4 1.1 19.6 
Reclassification realized in net earnings— 2.2 0.6 2.8 
Balances at May 26, 2024$4.6 $24.5 $(3.5)$25.6 
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the amounts and line items in our consolidated statements of earnings where other adjustments reclassified from AOCI into net earnings were recorded:
Fiscal Year Ended
(in millions)
AOCI Components		Location of Gain (Loss) Recognized in EarningsMay 26,
2024		May 28,
2023
Derivatives
Commodity contracts
(1)$(6.9)$(3.1)
Equity contracts
(2)1.3 (0.8)
Interest rate contracts
(3)2.2 (0.1)
Total before tax$(3.4)$(4.0)
Tax benefit1.2 0.8 
Net of tax$(2.2)$(3.2)

Fiscal Year Ended
(in millions)
AOCI Components		Location of Gain (Loss) Recognized in EarningsMay 26,
2024		May 28,
2023
Benefit plan funding position
Pension/postretirement plans- actuarial losses(4)$(0.1)$(0.1)
Recognized net actuarial gain (loss) - other plans(5)(0.7)(0.7)
Total before tax$(0.8)$(0.8)
Tax benefit0.2 0.4 
Net of tax$(0.6)$(0.4)

(1)Primarily included in food and beverage costs and restaurant expenses. See Note 8 for additional details.
(2)Included in general and administrative expenses. See Note 8 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 other (income) expense, net, restaurant labor expenses and general and administrative expenses. See Note 14 for additional details.
(5)Included in the computation of net periodic benefit costs - other plans, which is a component of restaurant labor, and general and administrative expenses.
v3.24.2
LEASES (Tables)
 12 Months Ended
May 26, 2024
Leases [Abstract]  
Components of Lease Expenses and Cash Flow Information
The components of lease expense for continuing operations in the consolidated statements of earnings for the fiscal years ended May 26, 2024, May 28, 2023 and May 29, 2022 are as follows:
(in millions)May 26, 2024May 28, 2023May 29, 2022
Operating lease expense$404.6 $377.9 $372.0 
Finance lease expense
Amortization of leased assets48.1 41.2 29.6 
Interest on lease liabilities54.2 44.3 32.3 
Variable lease expense34.6 22.6 17.0 
Total lease expense$541.5 $486.0 $450.9 
Supplemental cash flow information related to leases for the fiscal years ended May 26, 2024, May 28, 2023 and May 29, 2022:
(in millions)May 26, 2024May 28, 2023May 29, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases (1)$397.2 $367.6 $374.6 
Operating cash flows from finance leases54.2 44.3 32.3 
Financing cash flows from finance leases (1) 22.0 19.8 12.9 
Right-of-use assets obtained in exchange for new operating lease liabilities (2)341.2 131.5 26.0 
Right-of-use assets obtained in exchange for new finance lease liabilities97.3 75.1 187.8 
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance49.8 86.3171.9
(1) Excludes cash received for any lease incentives.
(2) Right-of-use assets obtained in fiscal 2024 includes $303.4 million from the acquisition of Ruth’s Chris
Components of Lease Assets and Liabilities
The components of lease assets and liabilities on the consolidated balance sheet as of May 26, 2024 and May 28, 2023 are as follows:
(in millions)Balance Sheet ClassificationMay 26, 2024May 28, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$3,429.3 $3,373.9 
Finance lease right-of-use assetsLand, buildings and equipment, net1,106.3 958.1 
Total lease assets, net$4,535.6 $4,332.0 
Operating lease liabilities - currentOther current liabilities$198.8 $182.5 
Finance lease liabilities - currentOther current liabilities15.3 13.5 
Operating lease liabilities - non-currentOperating lease liabilities - non-current3,704.7 3,667.6 
Finance lease liabilities - non-currentOther liabilities1,357.1 1,172.6 
Total lease liabilities$5,275.9 $5,036.2 
The weighted-average remaining lease terms and discount rates as of May 26, 2024 and May 28, 2023 are as follows:
(in millions)May 26, 2024May 28, 2023
Weighted-Average Remaining Lease Term (Years)
   Operating leases14.815.2
   Finance leases22.222.5
Weighted-Average Discount Rate (1)
   Operating leases4.5 %4.3 %
   Finance leases4.4 %4.2 %
(1)We cannot determine the interest rate implicit in our leases. Therefore, the discount rate represents our incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to our corporate credit rating for a secured or collateralized instrument.
Maturities of Operating Lease Liabilities
The annual maturities of our lease liabilities as of May 26, 2024 are as follows:
(in millions)
Fiscal YearOperating LeasesFinance Leases
2025410.1 86.2
2026413.2 89.6
2027417.2 91.2
2028408.9 92.8
2029391.8 94.5
Thereafter3,527.5 1,807.7 
Total future lease commitments (1)$5,568.7 $2,262.0 
Less imputed interest(1,665.2)(889.6)
Present value of lease liabilities (2)$3,903.5 $1,372.4 
(1)Of the $5,568.7 million of total future operating lease commitments and $2,262.0 million of total future finance lease commitments, $2,306.4 million and $723.3 million, respectively, are non-cancelable.
(2)Excludes approximately $171.0 million of net present value of lease payments related to 44 real estate leases signed, but not yet commenced.
Maturities of Financing Lease Liabilities
The annual maturities of our lease liabilities as of May 26, 2024 are as follows:
(in millions)
Fiscal YearOperating LeasesFinance Leases
2025410.1 86.2
2026413.2 89.6
2027417.2 91.2
2028408.9 92.8
2029391.8 94.5
Thereafter3,527.5 1,807.7 
Total future lease commitments (1)$5,568.7 $2,262.0 
Less imputed interest(1,665.2)(889.6)
Present value of lease liabilities (2)$3,903.5 $1,372.4 
(1)Of the $5,568.7 million of total future operating lease commitments and $2,262.0 million of total future finance lease commitments, $2,306.4 million and $723.3 million, respectively, are non-cancelable.
(2)Excludes approximately $171.0 million of net present value of lease payments related to 44 real estate leases signed, but not yet commenced.
v3.24.2
ADDITIONAL FINANCIAL INFORMATION (Tables)
 12 Months Ended
May 26, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Receivables From Various Parties
The tables below provide additional financial information related to our consolidated financial statements:
Balance Sheets
(in millions)May 26, 2024May 28, 2023
Receivables, net
Gift card sales
$41.8 $40.9 
Miscellaneous
37.7 39.6 
Allowance for doubtful accounts
(0.4)(0.3)
Total
$79.1 $80.2 
Other Current Liabilities
Non-qualified deferred compensation plan
$274.8 $252.4 
Sales and other taxes
104.2 96.8 
Insurance-related
44.8 42.1 
Employee benefits
55.1 42.5 
Accrued interest
20.2 16.0 
Lease liabilities - current
214.1 196.0 
Miscellaneous
134.0 106.7 
Total$847.2 $752.5 
Components Of Other Current Liabilities
The tables below provide additional financial information related to our consolidated financial statements:
Balance Sheets
(in millions)May 26, 2024May 28, 2023
Receivables, net
Gift card sales
$41.8 $40.9 
Miscellaneous
37.7 39.6 
Allowance for doubtful accounts
(0.4)(0.3)
Total
$79.1 $80.2 
Other Current Liabilities
Non-qualified deferred compensation plan
$274.8 $252.4 
Sales and other taxes
104.2 96.8 
Insurance-related
44.8 42.1 
Employee benefits
55.1 42.5 
Accrued interest
20.2 16.0 
Lease liabilities - current
214.1 196.0 
Miscellaneous
134.0 106.7 
Total$847.2 $752.5 
Components Of Interest
Statements of Earnings
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Interest, net
Interest expense$93.5 $50.2 $40.9 
Imputed interest on finance leases54.2 44.3 32.3 
Capitalized interest
(4.5)(5.4)(2.6)
Interest income
(4.5)(7.8)(1.9)
Total$138.7 $81.3 $68.7 
Schedule of Cash Flow, Supplemental Disclosures
Statements of Cash Flows
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Cash paid during the fiscal year for:
Interest, net of amounts capitalized$135.1 $82.4 $65.0 
Income taxes, net of refunds
$136.3 $47.4 $102.6 
Non-cash investing and financing activities:
Increase in land, buildings and equipment through accrued purchases
$40.0 $66.7 $48.2 
v3.24.2
INCOME TAXES (Tables)
 12 Months Ended
May 26, 2024
Income Tax Disclosure [Abstract]  
Allocation of Total Income Tax Expense
Total income tax expense (benefit) was allocated as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Earnings from continuing operations$145.0 $137.0 $138.8 
Loss from discontinued operations(1.7)(0.8)(0.2)
Total consolidated income tax expense (benefit)$143.3 $136.2 $138.6 
Components of Earnings Before Income Tax And Provision For Income Taxes
The components of earnings from continuing operations before income taxes and the provision for income taxes thereon are as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Earnings from continuing operations before income taxes:
U.S.$1,169.2 $1,117.3 $1,089.5 
Foreign6.3 3.2 4.0 
Earnings from continuing operations before income taxes$1,175.5 $1,120.5 $1,093.5 
Income taxes:
Current:
Federal$99.2 $165.9 $90.7 
State and local43.5 25.6 72.7 
Foreign3.0 1.6 1.4 
Total current$145.7 $193.1 $164.8 
Deferred (principally U.S.):
Federal$(0.7)$(69.2)$10.3 
State and local— 13.1 (36.3)
Total deferred$(0.7)$(56.1)$(26.0)
Total income tax expense$145.0 $137.0 $138.8 
Effective Income Tax Rate Reconciliation
The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate from continuing operations included in the accompanying consolidated statements of earnings:
Fiscal Year Ended
May 26, 2024May 28, 2023May 29, 2022
U.S. statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal tax benefits3.3 3.1 2.5 
Benefit of federal income tax credits(10.5)(10.4)(9.8)
Stock-based compensation tax benefit(1.1)(0.9)(0.9)
Other, net(0.4)(0.6)(0.1)
Effective income tax rate12.3 %12.2 %12.7 %
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
(in millions)
Balances at May 28, 2023$23.0 
Additions related to current-year tax positions5.3 
Additions related to prior-year tax positions0.2 
Net reductions due to settlements with taxing authorities(2.7)
Reductions to tax positions due to statute expiration(3.1)
Balances at May 26, 2024$22.7 
Interest Expense on Income Tax Expense (Benefits)
Interest included in income tax expense in our consolidated statements of earnings is as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Interest recorded on unrecognized tax benefits$1.7 $2.2 $1.3 
Interest recorded on income tax receivables$(6.9)$(6.8)$(3.1)
Total (Benefit) Expense$(5.2)$(4.6)$(1.8)
Tax Effects on Deferred Tax Assets And Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
(in millions)May 26, 2024May 28, 2023
Accrued liabilities$136.4 $117.2 
Compensation and employee benefits127.8 122.8 
Lease liabilities1,332.4 1,248.5 
Net operating loss, credit and charitable contribution carryforwards71.8 77.5 
Other1.0 4.3 
Gross deferred tax assets$1,669.4 $1,570.3 
Valuation allowance(26.8)(21.1)
Deferred tax assets, net of valuation allowance$1,642.6 $1,549.2 
Trademarks and other acquisition related intangibles(274.6)(184.2)
Buildings and equipment(373.5)(337.7)
Capitalized software and other assets(30.4)(26.0)
Lease assets(1,183.8)(1,129.5)
Other(12.3)(14.0)
Gross deferred tax liabilities$(1,874.6)$(1,691.4)
Net deferred tax liabilities$(232.0)$(142.2)
v3.24.2
RETIREMENT PLANS (Tables)
 12 Months Ended
May 26, 2024
Retirement Benefits [Abstract]  
Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans Fundings related to the defined benefit pension plan and postretirement benefit plan, which are funded on a pay-as-you-go basis, were as follows:
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Defined benefit pension plans funding$0.4 $0.4 $0.4 
Postretirement benefit plan funding1.3 1.7 1.8 
Change In Benefit Obligation
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 26, 2024 and May 28, 2023:
Defined Benefit PlanPostretirement Benefit Plan
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Change in Benefit Obligation:
Benefit obligation at beginning of period$3.7 $4.1 $15.4 $18.0 
Interest cost0.2 0.1 0.7 0.7 
Benefits paid(0.4)(0.5)(1.3)(1.7)
Actuarial (gain) loss— — (2.5)(1.6)
Benefit obligation at end of period $3.5 $3.7 $12.3 $15.4 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.3 1.7 
Benefits paid(0.4)(0.4)(1.3)(1.7)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.5)$(3.7)$(12.3)$(15.4)
Change In Plan Assets
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 26, 2024 and May 28, 2023:
Defined Benefit PlanPostretirement Benefit Plan
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Change in Benefit Obligation:
Benefit obligation at beginning of period$3.7 $4.1 $15.4 $18.0 
Interest cost0.2 0.1 0.7 0.7 
Benefits paid(0.4)(0.5)(1.3)(1.7)
Actuarial (gain) loss— — (2.5)(1.6)
Benefit obligation at end of period $3.5 $3.7 $12.3 $15.4 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.3 1.7 
Benefits paid(0.4)(0.4)(1.3)(1.7)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.5)$(3.7)$(12.3)$(15.4)
Reconciliation Of The Plan's Funded Status
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 26, 2024 and May 28, 2023:
Defined Benefit PlanPostretirement Benefit Plan
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Change in Benefit Obligation:
Benefit obligation at beginning of period$3.7 $4.1 $15.4 $18.0 
Interest cost0.2 0.1 0.7 0.7 
Benefits paid(0.4)(0.5)(1.3)(1.7)
Actuarial (gain) loss— — (2.5)(1.6)
Benefit obligation at end of period $3.5 $3.7 $12.3 $15.4 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.3 1.7 
Benefits paid(0.4)(0.4)(1.3)(1.7)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.5)$(3.7)$(12.3)$(15.4)
Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss)
The following is a detail of the balance sheet components of each of our plans and a reconciliation of the amounts included in accumulated other comprehensive income (loss):
Defined Benefit PlanPostretirement Benefit Plan
(in millions)May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Components of the Consolidated Balance Sheets:
Current liabilities$0.4 $0.4 $1.3 $1.6 
Noncurrent liabilities3.1 3.3 11.0 13.8 
Net amounts recognized$3.5 $3.7 $12.3 $15.4 
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Net actuarial gain (loss)(1.0)(1.1)1.8 — 
Net amounts recognized$(1.0)$(1.1)$1.8 $— 
Accumulated Benefit Obligations In Excess Of Plan Assets
The following is a summary of our accumulated and projected benefit obligations for our defined benefit plan:
(in millions)May 26, 2024May 28, 2023
Accumulated benefit obligation for all defined benefit plans$3.5 $3.7 
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation3.5 3.7 
Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets3.5 3.7 
Weighted-Average Assumptions Used
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
  Defined Benefit PlanPostretirement Benefit Plan
May 26, 2024May 28, 2023May 26, 2024May 28, 2023
Weighted-average assumptions used to determine benefit obligations (1)
Discount rate5.24 %4.87 %5.37 %5.07 %
Weighted-average assumptions used to determine net expense (2)
Discount rate4.87 %4.32 %5.07 %4.51 %
(1)Determined as of the end of fiscal year.
(2)Determined as of the beginning of fiscal year.
Components Of Net Periodic Benefit Cost
Components of net periodic benefit cost included in earnings are as follows:
Defined Benefit PlanPostretirement Benefit Plan
Fiscal Year EndedFiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022May 26, 2024May 28, 2023May 29, 2022
Service cost$— $— $— $— $— $— 
Interest cost0.2 0.1 0.1 0.7 0.7 0.4 
Amortization of unrecognized prior service cost— — — — — — 
Recognized net actuarial loss0.1 0.1 0.1 — — 0.4 
Net pension and postretirement cost$0.3 $0.2 $0.2 $0.7 $0.7 $0.8 
Expected Benefit Payments
The following benefit payments are expected to be paid between fiscal 2025 and fiscal 2033:
(in millions)Defined Benefit PlanPostretirement 
Benefit Plan
2025$0.4 $1.3 
20260.4 1.2 
20270.4 1.2 
20280.4 1.1 
20290.4 1.0 
2030-20341.5 4.5 
v3.24.2
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
May 26, 2024
Share-Based Payment Arrangement [Abstract]  
Recognized Stock-Based Compensation Expense
Stock-based compensation expense included in continuing operations was as follows:  
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Stock options$6.8 $6.3 $6.6 
Restricted stock units8.6 7.4 7.5 
Darden stock units31.9 34.8 26.9 
Equity-settled performance-based restricted stock units16.1 14.3 15.3 
Employee stock purchase plan3.0 2.8 2.7 
Director compensation program/other2.1 1.9 1.5 
Total$68.5 $67.5 $60.5 
Excess income tax benefits related to the exercise of stock options and vesting of other equity-settled stock-based compensation recognized in income tax expense from continuing operations was as follows:  
Fiscal Year Ended
(in millions)May 26, 2024May 28, 2023May 29, 2022
Income tax benefits$12.7 $6.5 $11.9 
Weighted-Average Fair Value and Related Assumptions for Stock-Based Compensation
The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes model to record stock-based compensation are as follows:
  
Granted in Fiscal Year Ended
May 26, 2024May 28, 2023May 29, 2022
Weighted-average fair value$55.56 $36.20 $41.02 
Dividend yield3.4 %3.8 %3.2 %
Expected volatility of stock42.2 %42.0 %39.6 %
Risk-free interest rate4.0 %2.8 %0.9 %
Expected option life (in years)5.95.96.3
Weighted-average exercise price per share$169.02 $121.47 $148.20 
The weighted-average grant date fair value of equity-settled PRSUs and the related assumptions used in the Monte Carlo simulation to record stock-based compensation are as follows:
  
Granted in Fiscal Year Ended
May 26, 2024May 28, 2023May 29, 2022
Dividend yield (1)0.0 %0.0 %0.0 %
Expected volatility of stock32.3 %55.5 %53.4 %
Risk-free interest rate4.5 %2.9 %0.4 %
Expected option life (in years)2.92.82.8
Weighted-average grant date fair value per unit$217.11 $137.73 $172.34 
(1)Assumes a reinvestment of dividends.
Summary Of Stock Option Activity
The following table presents a summary of our stock option activity as of and for the year ended May 26, 2024:
  Options
(in millions)		Weighted-Average
Exercise Price
Per Share		Weighted-Average
Remaining
Contractual Life (Yrs)		Aggregate
Intrinsic Value
(in millions)
Outstanding beginning of period1.62$99.045.79$100.6
Options granted0.13169.02
Options exercised(0.40)80.07
Options canceled(0.01)148.77
Outstanding end of period1.34$111.085.68$51.6
Exercisable0.78$98.394.26$38.6
Summary Of Restricted Stock and RSU Activity
The following table presents a summary of our RSU activity as of and for the fiscal year ended May 26, 2024:
  Shares
(in millions)		Weighted-Average
Grant Date Fair
Value Per Share
Outstanding beginning of period0.28$109.70
Shares granted0.08163.69
Shares vested(0.10)88.11
Shares canceled——
Outstanding end of period0.26$132.38
Summary Of Darden Stock Unit Activity
The following table presents a summary of our Darden stock unit activity as of and for the fiscal year ended May 26, 2024:
(All units settled in cash)Units
(in millions)		Weighted-Average
Fair Value
Per Unit
Outstanding beginning of period0.81$161.28
Units granted0.16167.13
Units vested(0.17)168.85
Units canceled(0.04)131.00
Outstanding end of period0.76$147.60
Summary Of Performance Stock Unit Activity
The following table presents a summary of our equity-settled PRSU activity as of and for the fiscal year ended May 26, 2024:
Units
(in millions)		Weighted-Average
Grant Date
Fair Value
Per Unit
Outstanding beginning of period0.36$123.45
Units granted0.09217.11
Units granted performance impact0.0783.46
Units vested(0.16)89.54
Units canceled(0.01)181.92
Outstanding end of period0.35$152.39
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
May 26, 2024
USD ($)
restaurant
reportingUnit
May 28, 2023
USD ($)
May 29, 2022
USD ($)
Jun. 14, 2023
$ / shares
Summary of Significant Accounting Policies [Line Items]        
Restricted cash $ 25.3 $ 48.4 $ 51.5  
Future amortization expense, year one 25.0      
Future amortization expense, year two 25.0      
Future amortization expense, year three 25.0      
Future amortization expense, year four 25.0      
Future amortization expense, year five $ 25.0      
Number of reporting units | reportingUnit 10      
Gift cards breakage redemption period 12 years      
Aggregate cumulative translation gains (losses) $ 4.6 4.5    
Foreign currency transaction gains (losses) $ 0.0 $ 0.0 $ 0.0  
Franchise | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-27        
Summary of Significant Accounting Policies [Line Items]        
Revenue recognition term 10 years      
Goodwill        
Summary of Significant Accounting Policies [Line Items]        
Number of reporting units | reportingUnit 7      
Trademarks        
Summary of Significant Accounting Policies [Line Items]        
Number of reporting units | reportingUnit 8      
Minimum        
Summary of Significant Accounting Policies [Line Items]        
Renewal period of lease arrangements 5 years      
Minimum | Capitalized Software        
Summary of Significant Accounting Policies [Line Items]        
Finite-lived intangible asset, useful life 1 year      
Minimum | Definite-Lived Intangible Assets        
Summary of Significant Accounting Policies [Line Items]        
Finite-lived intangible asset, useful life 1 year      
Minimum | Building        
Summary of Significant Accounting Policies [Line Items]        
Estimated useful life of property, plant and equipment 3 years      
Minimum | Equipment        
Summary of Significant Accounting Policies [Line Items]        
Estimated useful life of property, plant and equipment 2 years      
Maximum        
Summary of Significant Accounting Policies [Line Items]        
Renewal period of lease arrangements 20 years      
Maximum | Capitalized Software        
Summary of Significant Accounting Policies [Line Items]        
Finite-lived intangible asset, useful life 10 years      
Maximum | Definite-Lived Intangible Assets        
Summary of Significant Accounting Policies [Line Items]        
Finite-lived intangible asset, useful life 20 years      
Maximum | Building        
Summary of Significant Accounting Policies [Line Items]        
Estimated useful life of property, plant and equipment 30 years      
Maximum | Equipment        
Summary of Significant Accounting Policies [Line Items]        
Estimated useful life of property, plant and equipment 20 years      
Ruth's        
Summary of Significant Accounting Policies [Line Items]        
Acquisition price per share (in dollars per share) | $ / shares       $ 21.50
North America | Joint Venture and Other Contractual Agreement        
Summary of Significant Accounting Policies [Line Items]        
Number of restaurants | restaurant 6      
North America | Franchised Units        
Summary of Significant Accounting Policies [Line Items]        
Number of restaurants | restaurant 85      
Canada, Latin America, Caribbean, Asia And Middle East | Franchised Units        
Summary of Significant Accounting Policies [Line Items]        
Number of restaurants | restaurant 61      
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash and Cash Equivalents) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
May 29, 2022
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 194.8 $ 367.8 $ 420.6
Short-term investments      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 2.8 185.6  
Credit card receivables      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents 153.0 142.3  
Depository accounts      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 39.0 $ 39.9  
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation And Amortization Expense From Continuing Operations Related To Land, Buildings And Equipment) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Property, Plant and Equipment [Line Items]      
Depreciation and amortization on buildings and equipment $ 459.9 $ 387.8 $ 368.4
Losses on replacement of equipment 3.0 2.2 2.1
Buildings and Equipment      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization on buildings and equipment $ 435.1 $ 367.4 $ 346.7
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Capitalized Software Costs And Related Accumulated Amortization) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Accounting Policies [Abstract]    
Capitalized software $ 292.2 $ 263.8
Accumulated amortization (216.5) (196.8)
Capitalized software, net of accumulated amortization $ 75.7 $ 67.0
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Costs And Accumulated Amortization Of Acquired Definite-Lived Intangible Assets) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Accounting Policies [Abstract]    
Definite-lived intangible assets $ 30.7 $ 23.8
Accumulated amortization (14.5) (12.5)
Definite-lived intangible assets, net of accumulated amortization 16.2 11.3
Definite-lived intangible liabilities (3.0) (3.0)
Accumulated amortization 2.1 1.8
Definite-lived intangible liabilities, net of accumulated amortization $ (0.9) $ (1.2)
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Amortization Expense Associated With Capitalized Software And Other Definite Lived Intangibles) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Accounting Policies [Abstract]      
Amortization expense - capitalized software $ 22.9 $ 18.6 $ 19.7
Amortization expense - other definite-lived intangibles $ 1.9 $ 1.8 $ 2.0
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Trademark Balances) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Goodwill And Other Intangibles [Line Items]    
Goodwill $ 1,391.0 $ 1,037.4
Trademarks 1,148.0 806.3
Olive Garden    
Goodwill And Other Intangibles [Line Items]    
Goodwill 30.2 30.2
Trademarks 0.7 0.7
LongHorn Steakhouse    
Goodwill And Other Intangibles [Line Items]    
Goodwill 49.3 49.3
Trademarks 307.8 307.8
Cheddar’s Scratch Kitchen    
Goodwill And Other Intangibles [Line Items]    
Goodwill 165.1 165.1
Trademarks 230.1 230.1
Ruth’s Chris    
Goodwill And Other Intangibles [Line Items]    
Goodwill 353.6 0.0
Trademarks 341.7 0.0
Yard House    
Goodwill And Other Intangibles [Line Items]    
Goodwill 369.2 369.2
Trademarks 109.3 109.3
The Capital Grille    
Goodwill And Other Intangibles [Line Items]    
Goodwill 401.6 401.6
Trademarks 147.4 147.4
Seasons 52    
Goodwill And Other Intangibles [Line Items]    
Goodwill 0.0 0.0
Trademarks 0.5 0.5
Eddie V’s    
Goodwill And Other Intangibles [Line Items]    
Goodwill 22.0 22.0
Trademarks $ 10.5 $ 10.5
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Basic And Diluted Earnings Per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Accounting Policies [Abstract]      
Earnings from continuing operations $ 1,030.5 $ 983.5 $ 954.7
Losses from discontinued operations (2.9) (1.6) (1.9)
Net earnings $ 1,027.6 $ 981.9 $ 952.8
Weighted average common shares outstanding - Basic (in shares) 119.9 121.9 127.8
Effect of diluted stock-based compensation (in shares) 0.9 1.0 1.2
Weighted average common shares outstanding - Diluted (in shares) 120.8 122.9 129.0
Basic net earnings per share:      
Earnings from continuing operations (in dollars per share) $ 8.59 $ 8.07 $ 7.47
Losses from discontinued operations (in dollars per share) (0.02) (0.01) (0.01)
Net earnings (in dollars per share) 8.57 8.06 7.46
Diluted net earnings per share:      
Earnings from continuing operations (in dollars per share) 8.53 8.00 7.40
Losses from discontinued operations (in dollars per share) (0.02) (0.01) (0.01)
Net earnings (in dollars per share) $ 8.51 $ 7.99 $ 7.39
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Stock And Options To Purchase Shares Of Common Stock Excluded From Calculation Of Diluted Earnings Per Share) (Details) - shares
shares in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Accounting Policies [Abstract]      
Anti-dilutive stock-based compensation awards (in shares) 0.1 0.3 0.1
v3.24.2
ACQUISITION OF RUTH’S CHRIS STEAK HOUSE (Narrative) (Details)
$ in Millions
 12 Months Ended
May 20, 2024
USD ($)
Oct. 10, 2023
USD ($)
Jun. 14, 2023
USD ($)
location
May 26, 2024
USD ($)
May 28, 2023
USD ($)
May 29, 2022
USD ($)
Business Acquisition [Line Items]            
Proceeds from the issuance of long-term debt       $ 1,100.0 $ 0.0 $ 0.0
Goodwill       1,391.0 $ 1,037.4  
Senior Notes | 2023 Notes            
Business Acquisition [Line Items]            
Proceeds from issuance of senior notes   $ 500.0        
Debt instrument, interest rate   6.30%        
Unsecured Debt | Line of Credit            
Business Acquisition [Line Items]            
Proceeds from the issuance of long-term debt     $ 600.0      
Ruth’s Chris            
Business Acquisition [Line Items]            
Equity interest acquired     100.00%      
Consideration for equity interest acquired     $ 724.6      
Goodwill     $ 339.5 353.6    
Goodwill expected to be deductible for tax purposes       15.2    
Acquisition and related integration efforts incurred expenses       51.8    
Net of tax acquisition and related integration efforts incurred expenses       $ 42.1    
Ruth’s Chris | Minimum            
Business Acquisition [Line Items]            
Estimated useful life of property, plant and equipment       2 years    
Ruth’s Chris | Maximum            
Business Acquisition [Line Items]            
Estimated useful life of property, plant and equipment       30 years    
Ruth’s Chris | Entity Operated Units            
Business Acquisition [Line Items]            
Number of restaurant acquired | location     77      
Ruth’s Chris | Franchised Units            
Business Acquisition [Line Items]            
Number of restaurant acquired | location     74      
Ruth’s Chris | Franchised Units | Destin, Florida            
Business Acquisition [Line Items]            
Total consideration with cash on hand $ 1.2          
Ruth’s Chris | Entity Operated Units, Contractual Agreement            
Business Acquisition [Line Items]            
Number of restaurant acquired | location     4      
v3.24.2
ACQUISITION OF RUTH’S CHRIS STEAK HOUSE (Schedule of Preliminary Allocation of the Purchase Price) (Details) - USD ($)
$ in Millions
 11 Months Ended
May 26, 2024
Jun. 14, 2023
May 28, 2023
Business Acquisition [Line Items]      
Goodwill $ 1,391.0   $ 1,037.4
Ruth’s Chris      
Business Acquisition [Line Items]      
Cash 24.7 $ 24.7  
Other current assets 20.2 20.9  
Land, buildings and equipment 143.8 170.5  
Operating lease right-of-use assets 303.4 291.6  
Goodwill 353.6 339.5  
Trademark 341.7 341.7  
Other assets 24.4 12.0  
Total assets acquired 1,211.8 1,200.9  
Current liabilities 109.7 113.5  
Deferred income taxes 81.9 79.5  
Operating lease liabilities - non-current 287.7 276.3  
Other liabilities 6.7 7.0  
Total liabilities assumed 486.0 476.3  
Net assets acquired 725.8 $ 724.6  
Adjustments      
Other current assets (0.7)    
Land, buildings and equipment (26.7)    
Operating lease right-of-use assets 11.8    
Goodwill 14.1    
Other assets 12.4    
Total assets acquired 10.9    
Current liabilities (3.8)    
Deferred income taxes 2.4    
Operating lease liabilities - non-current 11.4    
Other liabilities (0.3)    
Total liabilities assumed 9.7    
Net assets acquired $ 1.2    
v3.24.2
REVENUE RECOGNITION (Deferred Revenue from Contract with Customer) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
May 29, 2022
Unearned revenues      
Total $ 591.8 $ 512.0  
Other liabilities      
Deferred franchise fees - non-current 4.9 2.7  
Gift Card      
Unearned revenues      
Deferred revenues 620.6 537.0 $ 521.1
Deferred gift card discounts (29.5) (25.5)  
Other      
Unearned revenues      
Deferred revenues $ 0.7 $ 0.5  
v3.24.2
REVENUE RECOGNITION (Deferred Gift Card Revenue) (Details) - Gift Card - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
Change in Contract with Customer, Liability [Roll Forward]    
Beginning balance $ 537.0 $ 521.1
Acquired deferred gift card revenue 61.8 0.0
Activations 753.7 701.3
Redemptions and breakage (731.9) (685.4)
Ending balance $ 620.6 $ 537.0
v3.24.2
IMPAIRMENTS AND DISPOSAL OF ASSETS, NET (Schedule of Impairments and Disposal of Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Asset Impairment Charges [Abstract]      
Restaurant impairments $ 0.3 $ 2.4 $ 6.8
Disposal (gains) losses 13.1 (15.1) (4.8)
Other (1.0) 2.1 (4.0)
Impairments and disposal of assets, net $ 12.4 $ (10.6) $ (2.0)
v3.24.2
IMPAIRMENTS AND DISPOSAL OF ASSETS, NET (Narrative) (Details)
 12 Months Ended
May 26, 2024
location
May 28, 2023
restaurant
May 29, 2022
restaurant
Impaired Long-Lived Assets Held and Used [Line Items]      
Number of locations closed | location 9    
Restaurants With Projected Cash Flows Less Than Carrying Value      
Impaired Long-Lived Assets Held and Used [Line Items]      
Number of underperforming restaurants   1  
Restaurants Closed      
Impaired Long-Lived Assets Held and Used [Line Items]      
Number of underperforming restaurants   4 1
v3.24.2
LAND, BUILDINGS AND EQUIPMENT, NET (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Property, Plant and Equipment, Net [Abstract]    
Land $ 132.9 $ 134.0
Buildings 4,034.5 3,655.5
Equipment 2,345.4 2,094.5
Assets under finance leases 1,252.3 1,062.4
Construction in progress 179.1 200.7
Total land, buildings and equipment 7,944.2 7,147.1
Less accumulated depreciation and amortization (3,613.9) (3,317.7)
Less amortization associated with assets under finance leases (146.0) (104.3)
Land, buildings and equipment, net $ 4,184.3 $ 3,725.1
v3.24.2
SEGMENT INFORMATION (Narrative) (Details)
$ in Millions
 12 Months Ended
May 26, 2024
segment
May 28, 2023
USD ($)
May 29, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 4    
Corporate      
Segment Reporting Information [Line Items]      
Restaurant and marketing expenses, retention credits associated with CARES Act | $   $ 0.2 $ 9.0
v3.24.2
SEGMENT INFORMATION (Schedule of Segment Reporting) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Segment Reporting Information [Line Items]      
Sales $ 11,390.0 $ 10,487.8 $ 9,630.0
Restaurant and marketing expenses 9,124.3 8,522.7 7,728.2
Segment profit 2,265.7 1,965.1 1,901.8
Depreciation and amortization 459.9 387.8 368.4
Impairments and disposal of assets, net 12.4 (10.6) (2.0)
Segment assets 11,323.0 10,241.5  
Purchases of land, buildings and equipment 601.2 564.9 376.9
Operating Segments | Olive Garden      
Segment Reporting Information [Line Items]      
Sales 5,067.0 4,877.8 4,503.9
Restaurant and marketing expenses 3,956.8 3,852.0 3,510.2
Segment profit 1,110.2 1,025.8 993.7
Depreciation and amortization 167.7 146.5 141.0
Impairments and disposal of assets, net 0.2 0.0 4.9
Segment assets 2,862.4 2,835.5  
Purchases of land, buildings and equipment 260.7 252.5 154.5
Operating Segments | LongHorn Steakhouse      
Segment Reporting Information [Line Items]      
Sales 2,806.2 2,612.3 2,374.3
Restaurant and marketing expenses 2,295.1 2,181.4 1,955.9
Segment profit 511.1 430.9 418.4
Depreciation and amortization 75.8 67.7 64.7
Impairments and disposal of assets, net 0.7 (3.3) 0.1
Segment assets 2,025.7 1,978.3  
Purchases of land, buildings and equipment 127.4 114.0 91.0
Operating Segments | Fine Dining      
Segment Reporting Information [Line Items]      
Sales 1,291.5 830.8 776.2
Restaurant and marketing expenses 1,050.5 672.3 611.2
Segment profit 241.0 158.5 165.0
Depreciation and amortization 65.9 35.6 33.7
Impairments and disposal of assets, net 0.0 0.0 0.0
Segment assets 2,596.5 1,345.4  
Purchases of land, buildings and equipment 118.1 57.2 42.2
Operating Segments | Other Business      
Segment Reporting Information [Line Items]      
Sales 2,225.3 2,166.9 1,975.6
Restaurant and marketing expenses 1,888.3 1,866.3 1,675.4
Segment profit 337.0 300.6 300.2
Depreciation and amortization 102.5 96.8 98.1
Impairments and disposal of assets, net 0.0 0.0 1.6
Segment assets 2,901.1 2,968.9  
Purchases of land, buildings and equipment 97.9 119.6 86.8
Corporate      
Segment Reporting Information [Line Items]      
Sales 0.0 0.0 0.0
Restaurant and marketing expenses (66.4) (49.3) (24.5)
Segment profit 66.4 49.3 24.5
Depreciation and amortization 48.0 41.2 30.9
Impairments and disposal of assets, net 11.5 (7.3) (8.6)
Segment assets 937.3 1,113.4  
Purchases of land, buildings and equipment $ (2.9) $ 21.6 $ 2.4
v3.24.2
SEGMENT INFORMATION (Reconciliation of Segment Profit to Earnings from Continuing Operations Before Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Segment Reporting [Abstract]      
Segment profit $ 2,265.7 $ 1,965.1 $ 1,901.8
Less general and administrative expenses (479.2) (386.1) (373.2)
Less depreciation and amortization (459.9) (387.8) (368.4)
Less impairments and disposal of assets, net (12.4) 10.6 2.0
Less interest, net (138.7) (81.3) (68.7)
Earnings before income taxes $ 1,175.5 $ 1,120.5 $ 1,093.5
v3.24.2
DEBT (Components Of Long-Term Debt) (Details) - USD ($)
$ in Millions
May 26, 2024
Oct. 10, 2023
May 28, 2023
Debt Instruments [Line Items]      
Total long-term debt $ 1,439.1   $ 939.1
Fair value hedge $ (51.8)   $ (45.4)
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Total long-term debt less unamortized discount and issuance costs   Total long-term debt less unamortized discount and issuance costs
Less unamortized discount and issuance costs $ (16.9)   $ (8.8)
Total long-term debt less unamortized discount and issuance costs 1,370.4   884.9
3.850% senior notes due May 2027      
Debt Instruments [Line Items]      
Total long-term debt $ 500.0   500.0
Debt instrument, interest rate 3.85%    
6.300% senior notes due October 2033      
Debt Instruments [Line Items]      
Total long-term debt $ 500.0   0.0
Debt instrument, interest rate 6.30% 6.30%  
6.000% senior notes due August 2035      
Debt Instruments [Line Items]      
Total long-term debt $ 96.3   96.3
Debt instrument, interest rate 6.00%    
6.800% senior notes due October 2037      
Debt Instruments [Line Items]      
Total long-term debt $ 42.8   42.8
Debt instrument, interest rate 6.80%    
4.550% senior notes due February 2048      
Debt Instruments [Line Items]      
Total long-term debt $ 300.0   $ 300.0
Debt instrument, interest rate 4.55%    
v3.24.2
DEBT (Aggregate Maturities Of Long-Term Debt) (Details)
$ in Millions
May 26, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 0.0
2026 0.0
2027 500.0
2028 0.0
2029 0.0
Thereafter $ 939.1
v3.24.2
DEBT (Narrative) (Details)
 12 Months Ended
May 26, 2024
USD ($)
Oct. 10, 2023
USD ($)
Jun. 14, 2023
USD ($)
May 31, 2023
USD ($)
May 26, 2024
USD ($)
May 28, 2023
USD ($)
May 29, 2022
USD ($)
Oct. 23, 2023
USD ($)
Sep. 10, 2021
USD ($)
Debt Instruments [Line Items]                  
Proceeds from the issuance of long-term debt         $ 1,100,000,000 $ 0 $ 0    
Total long-term debt $ 1,439,100,000       $ 1,439,100,000 $ 939,100,000      
Senior Notes | 6.300% senior notes due October 2033                  
Debt Instruments [Line Items]                  
Proceeds from the issuance of long-term debt   $ 500,000,000              
Aggregate principal amount of debt issued   500,000,000              
Senior Notes | 6.800% senior notes due October 2037                  
Debt Instruments [Line Items]                  
Debt instrument, interest rate 6.80%       6.80%        
Total long-term debt $ 42,800,000       $ 42,800,000        
Debt instrument, interest rate, adjustment 0.00%                
Senior Notes | 6.800% senior notes due October 2037 | Maximum                  
Debt Instruments [Line Items]                  
Debt instrument, interest rate, adjustment         2.00%        
Revolving Credit Agreement | Line of Credit                  
Debt Instruments [Line Items]                  
Maximum borrowing available under the credit facility               $ 1,250,000,000 $ 1,000,000,000
Debt covenant, maximum total debt to total capitalization ratio               0.75  
Outstanding balance under debt agreement $ 0       $ 0        
Maximum borrowing available under the credit facility 1,160,000,000       $ 1,160,000,000        
Revolving Credit Agreement | Line of Credit | Term SOFR                  
Debt Instruments [Line Items]                  
Adjustment to basis spread on variable rate         0.10%        
Debt instrument, basis spread on variable rate         1.00%        
Revolving Credit Agreement | Line of Credit | Federal Funds Rate                  
Debt Instruments [Line Items]                  
Debt instrument, basis spread on variable rate         0.50%        
Revolving Credit Agreement | Line of Credit | Base Rate                  
Debt Instruments [Line Items]                  
Debt instrument, basis spread on variable rate         0.00%        
Commercial Paper | Line of Credit                  
Debt Instruments [Line Items]                  
Outstanding balance under debt agreement 86,800,000       $ 86,800,000        
Letter of Credit | Line of Credit                  
Debt Instruments [Line Items]                  
Outstanding balance under debt agreement $ 600,000       $ 600,000        
Unsecured Debt | Line of Credit                  
Debt Instruments [Line Items]                  
Maximum borrowing available under the credit facility       $ 600,000,000          
Outstanding balance under debt agreement   0   $ 600,000,000          
Debt instrument term       3 years          
Borrowings under debt agreement       $ 600,000,000          
Proceeds from the issuance of long-term debt     $ 600,000,000            
Repayments of lines of credit   $ 100,000,000              
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Notional and Fair Value Of Derivative Contracts Designated And Not Designated As Hedging Instruments) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
Derivatives, Fair Value [Line Items]    
Number of Shares Outstanding (in shares) 118.9 121.1
Derivative Assets $ 0.1 $ 7.3
Derivative Liabilities 55.7 51.0
Equity forwards    
Derivatives, Fair Value [Line Items]    
Derivative Assets 0.0 7.3
Derivative Liabilities $ 3.2 0.0
Equity forwards | Derivative contracts designated as hedging instruments:    
Derivatives, Fair Value [Line Items]    
Number of Shares Outstanding (in shares) 0.2  
Weighted-Average Per Share Forward Rates (in dollars per share) $ 144.22  
Notional Values $ 27.1  
Derivative Assets 0.0 2.2
Derivative Liabilities $ 0.8 0.0
Equity forwards | Derivative contracts not designated as hedging instruments:    
Derivatives, Fair Value [Line Items]    
Number of Shares Outstanding (in shares) 0.6  
Weighted-Average Per Share Forward Rates (in dollars per share) $ 132.06  
Notional Values $ 76.2  
Derivative Assets 0.0 5.1
Derivative Liabilities 2.4 0.0
Commodity contracts    
Derivatives, Fair Value [Line Items]    
Derivative Assets 0.1 0.0
Derivative Liabilities 0.7 5.6
Commodity contracts | Derivative contracts designated as hedging instruments:    
Derivatives, Fair Value [Line Items]    
Notional Values 14.7  
Derivative Assets 0.1
Derivative Liabilities 0.7 5.6
Commodity contracts | Derivative contracts not designated as hedging instruments:    
Derivatives, Fair Value [Line Items]    
Notional Values 0.0  
Derivative Assets 0.0 0.0
Derivative Liabilities 0.0 0.0
Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Assets 0.0 0.0
Derivative Liabilities 51.8 45.4
Interest rate | Derivative contracts designated as hedging instruments:    
Derivatives, Fair Value [Line Items]    
Notional Values 300.0  
Derivative Assets 0.0 0.0
Derivative Liabilities 51.8 45.4
Interest rate | Derivative contracts not designated as hedging instruments:    
Derivatives, Fair Value [Line Items]    
Notional Values  
Derivative Assets 0.0 0.0
Derivative Liabilities $ 0.0 $ 0.0
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effects Of Derivative Instruments In Cash Flow Hedging Relationships) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in AOCI $ 26.6 $ (1.2) $ (5.5)
Amount of Gain (Loss) Reclassified from AOCI to Earnings (3.4) (4.0) 2.6
Equity | General and administrative expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in AOCI (6.4) 8.0 (7.9)
Amount of Gain (Loss) Reclassified from AOCI to Earnings 1.3 (0.8) 0.8
Commodity | Food and beverage costs and restaurant expenses      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in AOCI (1.9) (9.2) 2.4
Amount of Gain (Loss) Reclassified from AOCI to Earnings (6.9) (3.1) 1.9
Interest rate | Interest, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in AOCI 34.9 0.0 0.0
Amount of Gain (Loss) Reclassified from AOCI to Earnings $ 2.2 $ (0.1) $ (0.1)
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effects of Derivative Instruments in Fair Value Hedging Relationships) (Details) - Interest rate - Interest, net - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in Earnings on Derivatives $ (6.4) $ (17.4) $ (27.8)
Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item $ 6.4 $ 17.4 $ 27.8
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effects Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
General and administrative expenses      
Derivative [Line Items]      
Amount of Gain (Loss) Recognized in Earnings $ (3.1) $ 18.3 $ (3.6)
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details)
$ in Millions
 12 Months Ended
May 26, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash flow hedge gain to be reclassified within twelve months $ 3.0
v3.24.2
FAIR VALUE MEASUREMENTS (Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Total $ (55.6) $ (43.7)
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 0.0
Significant Other Observable Inputs (Level 2)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Total (55.6) (43.7)
Significant Unobservable Inputs (Level 3)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Total 0.0 0.0
Commodity    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives (0.6) (5.6)
Commodity | Quoted Prices in Active Market for Identical Assets (Liabilities) (Level 1)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives 0.0 0.0
Commodity | Significant Other Observable Inputs (Level 2)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives (0.6) (5.6)
Commodity | Significant Unobservable Inputs (Level 3)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives 0.0 0.0
Equity    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives (3.2) 7.3
Equity | Quoted Prices in Active Market for Identical Assets (Liabilities) (Level 1)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives 0.0 0.0
Equity | Significant Other Observable Inputs (Level 2)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives (3.2) 7.3
Equity | Significant Unobservable Inputs (Level 3)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives 0.0 0.0
Interest rate contracts    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives (51.8) (45.4)
Interest rate contracts | Quoted Prices in Active Market for Identical Assets (Liabilities) (Level 1)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives 0.0 0.0
Interest rate contracts | Significant Other Observable Inputs (Level 2)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives (51.8) (45.4)
Interest rate contracts | Significant Unobservable Inputs (Level 3)    
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]    
Derivatives $ 0.0 $ 0.0
v3.24.2
FAIR VALUE MEASUREMENTS (Narrative) (Details)
$ in Millions
 12 Months Ended
May 26, 2024
USD ($)
restaurant
May 28, 2023
USD ($)
restaurant
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value of long-term debt $ 1,370.4 $ 884.9
Debt instrument, fair value disclosure 1,370.0 857.0
Carrying amount of long-lived assets held and used 4,184.3 3,725.1
Significant Unobservable Inputs (Level 3) | Underperforming Restaurants    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying amount of long-lived assets held and used $ 4.8 $ 10.0
Number of impaired restaurants | restaurant 3 1
Assets held-for-sale, long-lived, fair value $ 1.5 $ 8.4
Asset impairment $ 3.3 $ 1.6
v3.24.2
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($)
shares in Millions
May 26, 2024
Mar. 20, 2024
Stockholders' Equity Note [Abstract]    
Share repurchase program, authorized amount   $ 1,000,000,000
Stock repurchase program, cumulative shares repurchased (in shares) 210.7  
Stock repurchase program, cumulative shares retired (in shares) 199.3  
v3.24.2
STOCKHOLDERS' EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 2,201.5 $ 2,198.2
Gain (loss) 19.6 1.5
Reclassification realized in net earnings 2.8 3.6
Ending balance 2,242.5 2,201.5
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 3.2 (1.9)
Ending balance 25.6 3.2
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 4.5 4.8
Gain (loss) 0.1 (0.3)
Reclassification realized in net earnings 0.0 0.0
Ending balance 4.6 4.5
Unrealized Gains (Losses) on Derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 3.9 (0.4)
Gain (loss) 18.4 1.1
Reclassification realized in net earnings 2.2 3.2
Ending balance 24.5 3.9
Benefit Plan Funding Position    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (5.2) (6.3)
Gain (loss) 1.1 0.7
Reclassification realized in net earnings 0.6 0.4
Ending balance $ (3.5) $ (5.2)
v3.24.2
STOCKHOLDERS' EQUITY (Schedule of Reclassification Adjustments out of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Less general and administrative expenses $ (479.2) $ (386.1) $ (373.2)
Total before tax 1,175.5 1,120.5 1,093.5
Tax benefit (145.0) (137.0) (138.8)
Net earnings 1,027.6 981.9 $ 952.8
Amount Reclassified from AOCI into Net Earnings | Derivatives      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Total before tax (3.4) (4.0)  
Tax benefit 1.2 0.8  
Net earnings (2.2) (3.2)  
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 (6.9) (3.1)  
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 1.3 (0.8)  
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 2.2 (0.1)  
Amount Reclassified from AOCI into Net Earnings | Benefit plan funding position      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Total before tax (0.8) (0.8)  
Tax benefit 0.2 0.4  
Net earnings (0.6) (0.4)  
Amount Reclassified from AOCI into Net Earnings | Benefit plan funding position | Pension/postretirement plans- actuarial losses      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Restaurant labor costs and general and administrative expenses (0.1) (0.1)  
Amount Reclassified from AOCI into Net Earnings | Benefit plan funding position | Recognized net actuarial gain (loss) - other plans      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Less general and administrative expenses $ (0.7) $ (0.7)  
v3.24.2
LEASES (Components of Lease Expenses) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Operating Leases      
Operating lease expense $ 404.6 $ 377.9 $ 372.0
Finance lease expense      
Amortization of leased assets 48.1 41.2 29.6
Interest on lease liabilities 54.2 44.3 32.3
Variable lease expense 34.6 22.6 17.0
Total lease expense $ 541.5 $ 486.0 $ 450.9
v3.24.2
LEASES (Components of Lease Assets and Liabilities) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Leases [Abstract]    
Operating lease right-of-use assets $ 3,429.3 $ 3,373.9
Finance lease right-of-use assets $ 1,106.3 $ 958.1
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Carrying amount of long-lived assets held and used Carrying amount of long-lived assets held and used
Total lease assets, net $ 4,535.6 $ 4,332.0
Operating lease liabilities - current $ 198.8 $ 182.5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Finance lease liabilities - current $ 15.3 $ 13.5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Operating lease liabilities - non-current $ 3,704.7 $ 3,667.6
Finance lease liabilities - non-current $ 1,357.1 $ 1,172.6
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Total lease liabilities $ 5,275.9 $ 5,036.2
v3.24.2
LEASES (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Jun. 14, 2023
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from operating leases $ 397.2 $ 367.6 $ 374.6  
Operating cash flows from finance leases 54.2 44.3 32.3  
Financing cash flows from finance leases 22.0 19.8 12.9  
Right-of-use assets obtained in exchange for new operating lease liabilities 341.2 131.5 26.0  
Right-of-use assets obtained in exchange for new finance lease liabilities 97.3 75.1 187.8  
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance $ 49.8 $ 86.3 $ 171.9  
Weighted-Average Remaining Lease Term (Years)        
Operating leases 14 years 9 months 18 days 15 years 2 months 12 days    
Finance leases 22 years 2 months 12 days 22 years 6 months    
Weighted-Average Discount Rate        
Operating leases 4.50% 4.30%    
Finance leases 4.40% 4.20%    
Ruth’s Chris        
Cash paid for amounts included in the measurement of lease liabilities        
Right-of-use assets obtained $ 303.4     $ 291.6
v3.24.2
LEASES (Maturities of Lease Liabilities) (Details)
$ in Millions
May 26, 2024
USD ($)
lease
Operating Leases  
2025 $ 410.1
2026 413.2
2027 417.2
2028 408.9
2029 391.8
Thereafter 3,527.5
Total future lease commitments 5,568.7
Less imputed interest (1,665.2)
Present value of lease liabilities 3,903.5
Finance Leases  
2025 86.2
2026 89.6
2027 91.2
2028 92.8
2029 94.5
Thereafter 1,807.7
Total future lease commitments 2,262.0
Less imputed interest (889.6)
Present value of lease liabilities 1,372.4
Noncancelable lease commitments, operating leases 2,306.4
Noncancelable lease commitments, finance leases $ 723.3
Lease payments, not yet commenced, real estate leases | lease 44
Operating Lease, Lease Not yet Commenced  
Finance Leases  
Lease payments, not yet commenced $ 171.0
v3.24.2
ADDITIONAL FINANCIAL INFORMATION (Receivables, net and Other Current Liabilities) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Receivables, net    
Allowance for doubtful accounts $ (0.4) $ (0.3)
Total 79.1 80.2
Other Current Liabilities    
Non-qualified deferred compensation plan 274.8 252.4
Sales and other taxes 104.2 96.8
Insurance-related 44.8 42.1
Employee benefits 55.1 42.5
Accrued interest 20.2 16.0
Lease liabilities - current 214.1 196.0
Miscellaneous 134.0 106.7
Total 847.2 752.5
Gift card sales    
Receivables, net    
Accounts receivable, gross 41.8 40.9
Miscellaneous    
Receivables, net    
Accounts receivable, gross $ 37.7 $ 39.6
v3.24.2
ADDITIONAL FINANCIAL INFORMATION (Components of Interest) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Interest expense $ 93.5 $ 50.2 $ 40.9
Imputed interest on finance leases 54.2 44.3 32.3
Capitalized interest (4.5) (5.4) (2.6)
Interest income (4.5) (7.8) (1.9)
Total $ 138.7 $ 81.3 $ 68.7
v3.24.2
ADDITIONAL FINANCIAL INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Cash paid during the fiscal year for:      
Interest, net of amounts capitalized $ 135.1 $ 82.4 $ 65.0
Income taxes, net of refunds 136.3 47.4 102.6
Non-cash investing and financing activities:      
Increase in land, buildings and equipment through accrued purchases $ 40.0 $ 66.7 $ 48.2
v3.24.2
INCOME TAXES (Allocation Of Total Income Tax Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Income Tax Disclosure [Abstract]      
Earnings from continuing operations $ 145.0 $ 137.0 $ 138.8
Loss from discontinued operations (1.7) (0.8) (0.2)
Total consolidated income tax expense (benefit) $ 143.3 $ 136.2 $ 138.6
v3.24.2
INCOME TAXES (Components Of Earnings Before Income Tax And Provision For Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Earnings from continuing operations before income taxes:      
U.S. $ 1,169.2 $ 1,117.3 $ 1,089.5
Foreign 6.3 3.2 4.0
Earnings before income taxes 1,175.5 1,120.5 1,093.5
Current:      
Federal 99.2 165.9 90.7
State and local 43.5 25.6 72.7
Foreign 3.0 1.6 1.4
Total current 145.7 193.1 164.8
Deferred (principally U.S.):      
Federal (0.7) (69.2) 10.3
State and local 0.0 13.1 (36.3)
Total deferred (0.7) (56.1) (26.0)
Income tax expense $ 145.0 $ 137.0 $ 138.8
v3.24.2
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Income Tax Disclosure [Line Items]      
Effective income tax rate 12.30% 12.20% 12.70%
Income tax expense $ 145.0 $ 137.0 $ 138.8
Earnings before income taxes 1,175.5 1,120.5 $ 1,093.5
Prepaid income taxes 121.7 107.3  
Gross unrecognized tax benefits 22.7 $ 23.0  
Tax position, change is reasonably possible in the next twelve month 6.1    
Unrecognized tax benefit that would impact effective income tax rate 3.9    
Unrecognized tax benefits, accrued interest 3.2    
State loss carryforwards 32.3    
Expiring Tax Credits      
Income Tax Disclosure [Line Items]      
State loss carryforwards 47.1    
Federal tax credit carryforwards 7.9    
State charitable contribution carryforwards 1.5    
State      
Income Tax Disclosure [Line Items]      
Prepaid income taxes 11.8    
Accrued income taxes 2.5    
Federal      
Income Tax Disclosure [Line Items]      
Prepaid income taxes 109.9    
Accrued income taxes $ 3.6    
v3.24.2
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details)
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Income Tax Disclosure [Abstract]      
U.S. statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal tax benefits 3.30% 3.10% 2.50%
Benefit of federal income tax credits (10.50%) (10.40%) (9.80%)
Stock-based compensation tax benefit (1.10%) (0.90%) (0.90%)
Other, net (0.40%) (0.60%) (0.10%)
Effective income tax rate 12.30% 12.20% 12.70%
v3.24.2
INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details)
$ in Millions
 12 Months Ended
May 26, 2024
USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]  
Beginning balance $ 23.0
Additions related to current-year tax positions 5.3
Additions related to prior-year tax positions 0.2
Net reductions due to settlements with taxing authorities (2.7)
Reductions to tax positions due to statute expiration (3.1)
Ending balance $ 22.7
v3.24.2
INCOME TAXES (Schedule of Interest Expense On Income Tax Expense (Benefits)) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Income Tax Disclosure [Abstract]      
Interest recorded on unrecognized tax benefits $ 1.7 $ 2.2 $ 1.3
Interest recorded on income tax receivables (6.9) (6.8) (3.1)
Total (Benefit) Expense $ (5.2) $ (4.6) $ (1.8)
v3.24.2
INCOME TAXES (Tax Effects on Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Income Tax Disclosure [Abstract]    
Accrued liabilities $ 136.4 $ 117.2
Compensation and employee benefits 127.8 122.8
Lease liabilities 1,332.4 1,248.5
Net operating loss, credit and charitable contribution carryforwards 71.8 77.5
Other 1.0 4.3
Gross deferred tax assets 1,669.4 1,570.3
Valuation allowance (26.8) (21.1)
Deferred tax assets, net of valuation allowance 1,642.6 1,549.2
Trademarks and other acquisition related intangibles (274.6) (184.2)
Buildings and equipment (373.5) (337.7)
Capitalized software and other assets (30.4) (26.0)
Lease assets (1,183.8) (1,129.5)
Other (12.3) (14.0)
Gross deferred tax liabilities (1,874.6) (1,691.4)
Net deferred tax liabilities $ (232.0) $ (142.2)
v3.24.2
RETIREMENT PLANS (Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Defined Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit pension plans and postretirement benefit plans funding $ 0.4 $ 0.4 $ 0.4
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit pension plans and postretirement benefit plans funding $ 1.3 $ 1.7 $ 1.8
v3.24.2
RETIREMENT PLANS (Narrative) (Details) - USD ($)
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, required minimum age 18 years    
Defined benefit plan, minimum period to perform service requirement 1 year    
Percentage of employer contribution 6.00%    
Defined contribution plan, annual contributions per employee, percent 1.50%    
Defined benefit plan net assets $ 1,400,000,000 $ 1,200,000,000  
Defined contribution plan, expense recognized 45,600,000 37,700,000 $ 49,000,000
Amounts payable to highly compensated employees under non-qualified deferred compensation plan 274,800,000 $ 252,400,000  
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Employer contribution, per dollar 0.25    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Employer contribution, per dollar 1.20    
Defined Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions in next fiscal year 400,000    
Amortization of net actuarial gain (loss) 100,000    
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions in next fiscal year 1,300,000    
Amortization of net actuarial gain (loss) $ (200,000)    
v3.24.2
RETIREMENT PLANS (Reconciliation Of The Plans' Funded Status) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Defined Benefit Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period $ 3.7 $ 4.1  
Interest cost 0.2 0.1 $ 0.1
Benefits paid (0.4) (0.5)  
Actuarial (gain) loss 0.0 0.0  
Benefit obligation at end of period 3.5 3.7 4.1
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at beginning of period 0.0 0.0  
Employer contributions 0.4 0.4 0.4
Benefits paid (0.4) (0.4)  
Plan assets at end of period 0.0 0.0 0.0
Unfunded status at end of period (3.5) (3.7)  
Postretirement Benefit Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period 15.4 18.0  
Interest cost 0.7 0.7 0.4
Benefits paid (1.3) (1.7)  
Actuarial (gain) loss (2.5) (1.6)  
Benefit obligation at end of period 12.3 15.4 18.0
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at beginning of period 0.0 0.0  
Employer contributions 1.3 1.7 1.8
Benefits paid (1.3) (1.7)  
Plan assets at end of period 0.0 0.0 $ 0.0
Unfunded status at end of period $ (12.3) $ (15.4)  
v3.24.2
RETIREMENT PLANS (Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Defined Benefit Plan    
Defined Benefit Plan Disclosure [Line Items]    
Current liabilities $ 0.4 $ 0.4
Noncurrent liabilities 3.1 3.3
Net amounts recognized 3.5 3.7
Net actuarial gain (loss) (1.0) (1.1)
Net amounts recognized (1.0) (1.1)
Postretirement Benefit Plan    
Defined Benefit Plan Disclosure [Line Items]    
Current liabilities 1.3 1.6
Noncurrent liabilities 11.0 13.8
Net amounts recognized 12.3 15.4
Net actuarial gain (loss) 1.8 0.0
Net amounts recognized $ 1.8 $ 0.0
v3.24.2
RETIREMENT PLANS (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Retirement Benefits [Abstract]    
Accumulated benefit obligation for all defined benefit plans $ 3.5 $ 3.7
Pension plans with accumulated benefit obligations in excess of plan assets:    
Accumulated benefit obligation 3.5 3.7
Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets $ 3.5 $ 3.7
v3.24.2
RETIREMENT PLANS (Weighted-Average Assumptions Used) (Details)
 12 Months Ended
May 26, 2024
May 28, 2023
Defined Benefit Plan    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average assumptions used to determine benefit obligations, discount rate 5.24% 4.87%
Weighted-average assumptions used to determine net expense, discount rate 4.87% 4.32%
Postretirement Benefit Plan    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average assumptions used to determine benefit obligations, discount rate 5.37% 5.07%
Weighted-average assumptions used to determine net expense, discount rate 5.07% 4.51%
v3.24.2
RETIREMENT PLANS (Components Of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Defined Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 0.0 $ 0.0 $ 0.0
Interest cost 0.2 0.1 0.1
Amortization of unrecognized prior service cost 0.0 0.0 0.0
Recognized net actuarial loss 0.1 0.1 0.1
Net pension and postretirement cost 0.3 0.2 0.2
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 0.0 0.0 0.0
Interest cost 0.7 0.7 0.4
Amortization of unrecognized prior service cost 0.0 0.0 0.0
Recognized net actuarial loss 0.0 0.0 0.4
Net pension and postretirement cost $ 0.7 $ 0.7 $ 0.8
v3.24.2
RETIREMENT PLANS (Expected Benefit Payments) (Details)
$ in Millions
May 26, 2024
USD ($)
Defined Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 0.4
2026 0.4
2027 0.4
2028 0.4
2029 0.4
2030-2034 1.5
Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 1.3
2026 1.2
2027 1.2
2028 1.1
2029 1.0
2030-2034 $ 4.5
v3.24.2
STOCK-BASED COMPENSATION (General Narrative) (Details) - shares
shares in Millions
May 26, 2024
Sep. 30, 2015
2015 Plan    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Shares available for issuance (in shares)   7.6
Prior Plans    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Shares available for issuance (in shares) 0.1  
v3.24.2
STOCK-BASED COMPENSATION (Recognized Stock-Based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense $ 68.5 $ 67.5 $ 60.5
Income tax benefits 12.7 6.5 11.9
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 6.8 6.3 6.6
Restricted stock units      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 8.6 7.4 7.5
Darden stock units      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 31.9 34.8 26.9
Equity-settled performance-based restricted stock units      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 16.1 14.3 15.3
Employee stock purchase plan      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 3.0 2.8 2.7
Director compensation program/other      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense $ 2.1 $ 1.9 $ 1.5
v3.24.2
STOCK-BASED COMPENSATION (Black-Scholes Model) (Details) - $ / shares
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Share-Based Payment Arrangement [Abstract]      
Weighted-average fair value (in dollars per share) $ 55.56 $ 36.20 $ 41.02
Dividend yield 3.40% 3.80% 3.20%
Expected volatility of stock 42.20% 42.00% 39.60%
Risk-free interest rate 4.00% 2.80% 0.90%
Expected option life (in years) 5 years 10 months 24 days 5 years 10 months 24 days 6 years 3 months 18 days
Weighted-average exercise price per share (in dollars per share) $ 169.02 $ 121.47 $ 148.20
v3.24.2
STOCK-BASED COMPENSATION (Summary Of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Options      
Outstanding beginning of period (in shares) 1,620    
Options granted (in shares) 130    
Options exercised (in shares) (400)    
Options canceled (in shares) (10)    
Outstanding end of period (in shares) 1,340 1,620  
Exercisable (in shares) 780    
Weighted-Average Exercise Price Per Share      
Outstanding beginning balance (in dollars per share) $ 99.04    
Options granted (in dollars per share) 169.02 $ 121.47 $ 148.20
Options exercised (in dollars per share) 80.07    
Options canceled (in dollars per share) 148.77    
Outstanding ending balance (in dollars per share) 111.08 $ 99.04  
Exercisable weighted average exercise price per share (in dollars per share) $ 98.39    
Weighted average remaining contractual life outstanding 5 years 8 months 4 days 5 years 9 months 14 days  
Exercisable weighted average remaining contractual life 4 years 3 months 3 days    
Aggregate intrinsic value outstanding, beginning balance $ 100.6    
Aggregate intrinsic value outstanding, ending balance 51.6 $ 100.6  
Exercisable aggregate intrinsic value $ 38.6    
v3.24.2
STOCK-BASED COMPENSATION (Stock Option Activity) (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Total intrinsic value of options exercised $ 33.6 $ 29.7 $ 41.5
Cash received from option exercises $ 31.8 $ 24.2 $ 29.7
Vesting period 4 years    
Maximum terms of awards 10 years    
Stock options      
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Unrecognized compensation cost related to unvested stock options granted $ 4.8    
Unrecognized compensation cost, period of recognition 2 years 3 months 18 days    
Fair market value on grant date $ 6.8    
v3.24.2
STOCK-BASED COMPENSATION (Restricted Stock And RSU Activity) (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Vesting period 4 years    
Restricted stock units      
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Unrecognized compensation cost related to unvested stock options granted $ 8.0    
Unrecognized compensation cost, period of recognition 1 year 9 months 18 days    
Fair market value on grant date $ 7.9 $ 6.6 $ 7.0
Minimum | Restricted stock units      
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Vesting period 1 year    
Maximum | Restricted stock units      
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Vesting period 3 years    
v3.24.2
STOCK-BASED COMPENSATION (Summary Of Restricted Stock And RSU Activity) (Details) - Restricted stock units
shares in Thousands
 12 Months Ended
May 26, 2024
$ / shares
shares
Shares  
Outstanding beginning of period (in shares) | shares 280
Shares granted (in shares) | shares 80
Shares vested (in shares) | shares (100)
Shares canceled (in shares) | shares 0
Outstanding end of period (in shares) | shares 260
Weighted-Average Grant Date Fair Value Per Share  
Outstanding beginning of period (in dollars per share) | $ / shares $ 109.70
Shares granted (in dollars per share) | $ / shares 163.69
Shares vested (in dollars per share) | $ / shares 88.11
Shares canceled (in dollars per share) | $ / shares 0
Outstanding end of period (in dollars per share) | $ / shares $ 132.38
v3.24.2
STOCK-BASED COMPENSATION (Darden Stock Unit Activity) (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 26, 2024
May 28, 2023
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Vesting period 4 years  
Darden stock units    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Total stock unit liability $ 75.9 $ 79.2
Unrecognized compensation cost related to unvested stock options granted $ 29.9  
Unrecognized compensation cost, period of recognition 2 years 1 month 6 days  
Fair market value on grant date $ 28.8  
Darden stock units | Minimum    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Vesting period 3 years  
Darden stock units | Maximum    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Vesting period 5 years  
Darden stock units | Other Current Liabilities    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Current stock unit liability $ 37.4 22.9
Darden stock units | Other Liabilities    
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]    
Noncurrent stock unit liability $ 38.5 $ 56.3
v3.24.2
STOCK-BASED COMPENSATION (Summary Of Darden Stock Unit Activity) (Details) - Darden stock units
shares in Thousands
 12 Months Ended
May 26, 2024
$ / shares
shares
Units  
Outstanding beginning of period (in shares) | shares 810
Units granted (in shares) | shares 160
Units vested (in shares) | shares (170)
Units canceled (in shares) | shares (40)
Outstanding end of period (in shares) | shares 760
Weighted-Average Grant Date Fair Value Per Unit  
Outstanding beginning of period (in dollars per share) | $ / shares $ 161.28
Units granted (in dollars per share) | $ / shares 167.13
Units vested (in dollars per share) | $ / shares 168.85
Units canceled (in dollars per share) | $ / shares 131.00
Outstanding end of period (in dollars per share) | $ / shares $ 147.60
v3.24.2
STOCK-BASED COMPENSATION (Summary of Monte Carlo Simulation) (Details) - $ / shares
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Dividend yield 3.40% 3.80% 3.20%
Expected volatility of stock 42.20% 42.00% 39.60%
Risk-free interest rate 4.00% 2.80% 0.90%
Expected option life (in years) 5 years 10 months 24 days 5 years 10 months 24 days 6 years 3 months 18 days
Weighted-average grant date fair value per unit (in dollars per share) $ 169.02 $ 121.47 $ 148.20
Equity-settled performance-based restricted stock units      
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
Expected volatility of stock 32.30% 55.50% 53.40%
Risk-free interest rate 4.50% 2.90% 0.40%
Expected option life (in years) 2 years 10 months 24 days 2 years 9 months 18 days 2 years 9 months 18 days
Weighted-average grant date fair value per unit (in dollars per share) $ 217.11 $ 137.73 $ 172.34
v3.24.2
STOCK-BASED COMPENSATION (Performance Stock Unit Activity and Employee Stock Purchase Plan) (Narrative) (Details) - USD ($)
 12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
May 30, 2021
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Common Stock And Surplus        
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]        
Issuance of stock under employee stock purchase plan (in shares)   100,000 100,000 100,000
Equity-settled performance-based restricted stock units        
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested stock options granted $ 9,800,000      
Unrecognized compensation cost, period of recognition 2 years 2 months 12 days      
Fair market value on grant date $ 13,600,000      
Employee stock purchase plan        
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]        
Service period 1 year      
Percentage of capital stock 5.00%      
Investment authorized $ 5,000      
Shares available for purchase by employees (in shares) 6,200,000      
Percent of fair market value, common stock purchased by employees 85.00%      
Cash received from employees who acquired shares under ESPP $ 11,800,000 $ 11,200,000 $ 10,500,000  
Minimum | Equity-settled performance-based restricted stock units        
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Service period 3 years      
Maximum | Equity-settled performance-based restricted stock units        
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Service period 4 years      
v3.24.2
STOCK-BASED COMPENSATION (Summary Of Performance Stock Unit Activity) (Details) - Equity-settled performance-based restricted stock units
shares in Thousands
 12 Months Ended
May 26, 2024
$ / shares
shares
Units  
Outstanding beginning of period (in shares) | shares 360
Units granted (in shares) | shares 90
Units granted performance impact (in shares) | shares 70
Units vested (in shares) | shares (160)
Units canceled (in shares) | shares (10)
Outstanding end of period (in shares) | shares 350
Weighted-Average Grant Date Fair Value Per Unit  
Outstanding beginning of period (in dollars per share) | $ / shares $ 123.45
Units granted (in dollars per share) | $ / shares 217.11
Units granted performance impact (in dollars per share) | $ / shares 83.46
Units vested (in dollars per share) | $ / shares 89.54
Units canceled (in dollars per share) | $ / shares 181.92
Outstanding end of period (in dollars per share) | $ / shares $ 152.39
v3.24.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
May 26, 2024
May 28, 2023
Workers Compensation And General Liabilities Accrued    
Commitments and Contingencies [Line Items]    
Standby letters of credit $ 79.5 $ 85.3
Surety Bond And Other Payments    
Commitments and Contingencies [Line Items]    
Standby letters of credit 16.8 15.2
Property Lease Guarantee    
Commitments and Contingencies [Line Items]    
Loss contingency, maximum estimate of possible loss 71.0 82.0
Fair value of potential payments discounted at pre-tax cost of capital related to guarantee obligations 57.7 $ 68.4
Loss contingency accrual $ 10.6  
v3.24.2
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 19, 2024
May 26, 2024
May 28, 2023
May 29, 2022
Jul. 17, 2024
Subsequent Event [Line Items]          
Cash dividend declared (in dollars per share)   $ 5.24 $ 4.84 $ 4.40  
Subsequent Event          
Subsequent Event [Line Items]          
Cash dividend declared (in dollars per share) $ 1.40        
Subsequent Event | Chuy’s Holdings          
Subsequent Event [Line Items]          
Acquisition price per share (in dollars per share)         $ 37.50
Enterprise value         $ 605