Stock-Based Compensation (Tables)

9 Months Ended

Feb. 27, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average fair value of non-qualified stock options and the related assumptions used in the Black-Scholes option pricing model for options granted during the periods presented, were as follows:

	Nine Months Ended
	February 27, 2022			February 28, 2021
Weighted-average fair value	$	41.02		$	20.07
Dividend yield	3.2		%	3.0		%
Expected volatility of stock	39.6		%	37.3		%
Risk-free interest rate	0.9		%	0.4		%
Expected option life (in years)	6.3			6.4
Weighted-average exercise price per share	$	148.20		$	78.84

The weighted-average grant date fair value of market-based performance stock units and the related assumptions used in the Monte Carlo simulation to record stock-based compensation for units granted during the periods presented, were as follows:

	Nine Months Ended
	February 27, 2022			February 28, 2021
Dividend yield (1)	0.0		%	0.0		%
Expected volatility of stock	53.4		%	50.5		%
Risk-free interest rate	0.4		%	0.1		%
Expected life (in years)	2.8			2.8
Weighted-average grant date fair value per unit	$	172.34		$	83.46

(1)Assumes a reinvestment of dividends.

Schedule of Nonvested Share Activity

The following table presents a summary of our stock-based compensation activity for the nine months ended February 27, 2022.

(in millions)	Stock Options	Restricted Stock/ Restricted Stock Units	Equity-Settled Performance Stock Units	Cash-Settled Darden Stock Units
Outstanding beginning of period	2.15	0.26	0.48	0.80
Awards granted	0.15	0.06	0.09	0.32
Awards exercised/vested	(0.46)	(0.07)	(0.15)	(0.22)
Awards forfeited	(0.01)	—	—	(0.06)
Outstanding end of period	1.83	0.25	0.42	0.84

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

We recognized expense from stock-based compensation as follows: 

	Three Months Ended				Nine Months Ended
(in millions)	February 27, 2022		February 28, 2021		February 27, 2022		February 28, 2021
Stock options	$	1.1	$	2.2	$	5.6	$	6.7
Restricted stock/restricted stock units	1.4		2.1		6.3		7.9
Equity-settled performance stock units	2.6		4.0		13.1		14.7
Cash-settled Darden stock units	5.6		9.4		21.8		27.8
Employee stock purchase plan	0.7		0.6		2.0		1.8
Director compensation program/other	0.3		0.3		1.0		1.1
Total stock-based compensation expense	$	11.7	$	18.6	$	49.8	$	60.0