Stock-Based Compensation (Tables)

6 Months Ended

Nov. 26, 2023

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:

	Six Months Ended
	November 26, 2023			November 27, 2022
Weighted-average fair value	$	55.56		$	36.20
Dividend yield	3.4		%	3.8		%
Expected volatility of stock	42.2		%	42.0		%
Risk-free interest rate	4.0		%	2.8		%
Expected option life (in years)	5.9			5.9
Weighted-average exercise price per share	$	169.02		$	121.47

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

	Six Months Ended
	November 26, 2023			November 27, 2022
Dividend yield (1)	0.0		%	0.0		%
Expected volatility of stock	32.3		%	55.5		%
Risk-free interest rate	4.5		%	2.9		%
Expected life (in years)	2.9			2.8
Weighted-average grant date fair value per unit	$	217.11		$	137.73

(1)Assumes a reinvestment of dividends.

Schedule of Stock-Based Compensation Activity

The following table presents a summary of our stock-based compensation activity for the six months ended November 26, 2023.

(in millions)	Stock Options	Restricted Stock/ Restricted Stock Units	Equity-Settled Performance Stock Units	Cash-Settled Darden Stock Units
Outstanding beginning of period	1.62	0.28	0.36	0.81
Awards granted	0.13	0.06	0.16	0.15
Awards granted performance impact	—	—	—	—
Awards exercised/vested	(0.24)	(0.08)	(0.16)	(0.15)
Awards forfeited	—	—	—	(0.03)
Outstanding end of period	1.51	0.26	0.36	0.78

Schedule of Recognized Expense From Stock-Based Compensation

We recognized expense from stock-based compensation as follows: 

	Three Months Ended				Six Months Ended
(in millions)	November 26, 2023		November 27, 2022		November 26, 2023		November 27, 2022
Stock options	$	0.9	$	1.5	$	5.1	$	4.1
Restricted stock/restricted stock units	1.3		1.8		5.9		4.6
Equity-settled performance stock units	2.1		3.4		12.6		8.9
Cash-settled Darden stock units	7.9		10.3		17.7		18.5
Employee stock purchase plan	0.7		0.7		1.4		1.4
Director compensation program/other	0.5		0.3		1.1		0.9
Total stock-based compensation expense	$	13.4	$	18.0	$	43.8	$	38.4